.jpg)
1 hour ago
4
Article content
(Bloomberg) — Attovia Therapeutics Inc., an early-stage drug developer focused on immune system diseases with high unmet need, raised $289 million in a US initial public offering that priced at the top of its marketed range.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The San Carlos, California-based biotech firm sold 17 million shares for $17 each, according to a statement, after increasing the size of the deal earlier Tuesday. The biotechnology firm initially offered 12.5 million shares for $15 to $17 each, an earlier filing showed.
Article content
Article content
Article content
At the IPO price, Attovia has a market value of $731.5 million based on the outstanding shares listed in the filing.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Attovia is developing drugs using a technology platform and patents licensed from Alamar Biosciences Inc. Attovia has also raised $255.8 million as of March 31 from investors including an affiliate of Goldman Sachs Group Inc. as well as Deep Track Capital, Frazier Life Sciences and venBio, the filing shows.
Article content
Alamar, a maker of medical devices focused on studying proteins and disease detection, set up Attovia as a separate company in 2023, and remains an investor. Alamar raised $219.9 million in an IPO, and the shares have climbed more than 59% since its debut in April.
Article content
Attovia has one drug targeting interleukin-31 that has completed dosing in a Phase 1 trial and another targeting interleukin-13 that is expected to start trials in the first half of next year.
Article content
IPOs of biotechnology and pharmaceutical companies have been among the strongest performing new listings this year, led by pattern hair loss-focused Veradermics Inc.’s 531% increase since its debut in February and a 158% gain in the shares of blood disorder specialist Hemab Therapeutics Inc. following its debut in May.
Article content
Attovia’s IPO was led by Morgan Stanley, Leerink Partners, Citigroup Inc. and Royal Bank of Canada. The shares are expected to trade Wednesday on the Nasdaq Global Market under the symbol ATTO.
Article content
English (US)