Ambit Biosciences, which is developing small molecule therapeutics for the treatment of acute myeloid leukemia, revised the terms for its upcoming IPO on Wednesday, but maintained the total proceeds. The San Diego, CA-based company now plans to raise $65 million by offering 8.1 million shares at a price of $8. The company had previously filed to offer 4.6 million shares at a range of $13 to $15, which also would have raised $65 million. The new deal terms will value the company at a market cap of $142 million, a 20% decrease from its previously proposed market cap.
Ambit Biosciences, which was founded in 2000 and booked $19 million in revenue from collaboration agreements for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol AMBI. Ambit Biosciences initially filed confidentially on December 20, 2012. Citi and Leerink Swann are the joint bookrunners on the deal. It is expected to price during the week of May 13, 2013.
