AveXis, an early-stage biotech developing gene therapies for rare neurological diseases, announced terms for its IPO on Monday.
The Bannockburn, IL-based company plans to raise $85 million by offering 4.25 million shares at a price range of $19 to $21. Insiders intend to purchase $30 million worth of shares in the offering. At the midpoint of the proposed range, AveXis would command a fully diluted market value of $454 million.
AveXis initially filed for a $115 million IPO on January 15, 2015. It is the first IPO to take advantage of the revised JOBS Act rule that allows emerging growth companies to launch their road shows 15 days after the initial public filing, compared to the previous 21-day rule.
AveXis licenses gene therapy technology from REGENXBIO (RGNX), which popped 38% in its September 2015 IPO but now trades 37% below the offer price.
AveXis was founded in 2010 and plans to list on the Nasdaq under the symbol AVXS. Goldman Sachs and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2016.
