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Cancer biotech BlossomHill Therapeutics raised $150 million, pricing its IPO at $16 per share, in the middle of its targeted range.

Why it matters: Its IPO tests how far the biotech window has opened for companies that are still years from late-stage trials.

By the numbers: BlossomHill sold 9.38 million shares, above the 7.8 million planned. The offering values the biotech at about $490 million.

JPMorgan, Leerink, Guggenheim, LifeSci Capital and H.C. Wainwright are the lead underwriters.

Zoom in: San Diego-based BlossomHill plans to use $70 million of the IPO proceeds to advance its lead asset, BH-30643, a macrocyclic inhibitor for a diverse set of cancer-causing mutant EGFR. 

Another $20 million is earmarked for a Phase 1 study of BH-30236, which it says could be the first drug to successfully target a CDC-like kinase. The drug shows promise as a treatment for acute myeloid leukemia and HR-MDS, which often leads to leukemia, BlossomHill says.

BH-30643 would enter a crowded market led by AstraZeneca's Tagrisso and challenged by Johnson & Johnson's Rybrevant, with other companies developing potential new competitors.

Follow the money: BlossomHill has raised more than $257 million from investors including Cormorant Asset Management (15.5% pre-IPO stake), OrbiMed (9.8%), Vivo Capital (7%), Janus Henderson (5.3%), Brahma Capital, BioTrack Capital, and Plaisance Capital Management.

Catch up quick: BlossomHill was founded by J. Jean Cui and Peter Li, whose previous drug company, Turning Point Therapeutics, was acquired by Bristol Myers Squibb for $4.1 billion in 2022. 

What's next: The company will trade on the Nasdaq Global Select Market under the symbol "BLSM."

BlossomHill Therapeutics raises $150M in IPO

BlossomHill is developing treatments for various cancers.

an illustration of a cancer ribbon surrounded by dollar bills and colorful circles 

Cancer biotech BlossomHill Therapeutics raised $150 million, pricing its IPO at $16 per share, in the middle of its targeted range.Why it matters: Its IPO tests how far the <a class="gtmContentClick" data-vars-link-text="biotech window" data-vars-click-url="https://www.axios.com/pro/biotech-deals/2026/07/13/biotech-ipo-momentum-continues-in-h1" data-vars-content-id="569b7394-dc10-49ba-aa40-42f67e1896f5" data-vars-headline="BlossomHill Therapeutics raises $150M in IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2026/07/13/biotech-ipo-momentum-continues-in-h1" target="_self">biotech window</a> has opened for companies that are still years from late-stage trials.

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BlossomHill Therapeutics raises $150M in IPO

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