KaloBios Pharmaceuticals, which is developing monoclonal antibodies to treat respiratory diseases and cancer, revised the proposed deal size for its upcoming IPO on Wednesday. The South San Francisco, CA-based company now plans to raise $70 million by offering 8.3 million shares at a price range of $8 to $9. The company had previously filed to offer 3.9 million shares at a range of $12 to $14. At the midpoint of the revised range, KaloBios Pharmaceuticals will raise 40% greater proceeds than previously anticipated but its market cap will be 17% lower.
KaloBios Pharmaceuticals, which was founded in 2001, plans to list on the NASDAQ under the symbol KBIO. Leerink Swann, is the sole bookrunner on the deal. It is expected to price during the week of January 28, 2013.
