TRex Bio (TRXB.US) IPO priced at $14-16 per share, plans to raise $125 million; Eli Lilly intends to subscribe for $13 million

According to Golden Ten Data, biotechnology company TRex Bio (TRXB.US), which focuses on developing drugs for autoimmune and inflammatory diseases, announced the terms of its initial public offering (IPO) on Monday. The company plans to issue 8.3 million shares at a price of $14 to $16 per share, raising $125 million. Eli Lilly (LLY.US) intends to subscribe to $13 million worth of shares in this offering (accounting for 10% of the total transaction). Based on the midpoint of the offering price range, TRex Bio's fully diluted market capitalization will reach $453 million.

TRex Bio is a clinical-stage biopharmaceutical company dedicated to developing drugs that enhance the function of regulatory T cells (Treg) in inflamed human tissues, aiming to restore immune balance and repair barrier damage rather than broadly suppressing the immune system. Its Deep Biology platform enables the mapping of Treg functional profiles in human skin, gut, and lung tissues, thereby identifying targets and validating them through proprietary in vitro Treg models and high-throughput functional assay methods.

Its main drug candidate, TRB-061, is a TNFR2 agonist currently in a Phase 1b clinical trial for the treatment of moderate-to-severe atopic dermatitis, with preliminary data expected to be released in mid-2027. Another wholly owned candidate, TRB-071, targets CD30 for the treatment of inflammatory bowel disease and is expected to enter Phase 1 clinical trials in the first half of 2027. Eli Lilly is both an investor and a discovery partner and is currently advancing a third candidate discovered on the platform into a Phase 2a clinical trial for lupus treatment.

This South San Francisco, California-based company was founded in 2018 and plans to list on the Nasdaq under the ticker "TRXB". JPMorgan, Evercore ISI, Cantor Fitzgerald, Stifel, and Wedbush Securities are joint bookrunners for the offering.