Athenex, a clinical-stage biotech developing novel therapeutics for cancer, announced terms for its IPO on Friday.
The Buffalo, NY-based company plans to raise $72 million by offering 6 million shares at a price range of $11 to $13. Insiders intend to purchase $55 million worth of shares in the offering. At the midpoint of the proposed range, Athenex would command a fully diluted market value of $720 million.
Athenex was founded in 2003 and booked $21 million in sales for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol ATNX. Credit Suisse, Deutsche Bank and J.P. Morgan are the joint bookrunners on the deal. A pricing date has not yet been disclosed.
