Axovant Sciences, a newly-formed biotech developing a late-stage Alzheimer's therapy acquired from GSK, announced terms for its IPO on Monday.
The Hamilton, Bermuda-based company plans to raise $251 million by offering 17.9 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Axovant Sciences would command a fully diluted market value of $1.36 billion and an enterprise value of $1.13 billion.
Visium Asset Management and RA Capital Management plan to purchase $150 million worth of shares on the offering (60% of the float).
Axovant Sciences, which was formed in 2014, plans to list on the NYSE under the symbol AXON. Jefferies, Evercore Partners and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2015.
