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(Bloomberg) — Attovia Therapeutics Inc., an early-stage drug developer focused on immune-mediated diseases with high unmet need, is seeking to raise as much as $212.5 million in a US initial public offering.
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The San Carlos, California-based biotech firm plans to sell 12.5 million shares at $15 to $17 each, according to its filing Wednesday with the US Securities and Exchange Commission.
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At the top of the range, Attovia would have a market value of nearly $655 million, based on the outstanding shares listed in its filing.
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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.
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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 43% since its debut in April.
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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.
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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 534% increase since its debut in February and a 149% gain in the shares of blood disorder specialist Hemab Therapeutics Inc. following its debut in May.
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Attovia’s IPO is being led by Morgan Stanley, Leerink Partners, Citigroup Inc. and Royal Bank of Canada. The offering is expected to price on Aug. 4, according to a management presentation. The shares are set to trade on the Nasdaq Global Market under the symbol ATTO.
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English (US)