Ovid Therapeutics, a clinical-stage biotech developing treatments for rare neurological disorders, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $80 million by offering 5 million shares at a price range of $15 to $17. Insiders intend to purchase $20 million worth of shares (25%) in the offering. At the midpoint of the proposed range, Ovid Therapeutics would command a fully diluted market value of $428 million.
Ovid Therapeutics was founded in 2014 and it plans to list on the Nasdaq under the symbol OVID. Citi and Cowen & Company are the joint bookrunners on the deal. No timing information was available.
