Rhythm Pharmaceuticals, a clinical-stage biotech developing peptide-based therapies to treat genetic obesity, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Rhythm Pharmaceuticals would command a fully diluted market value of $404 million.
Rhythm Pharmaceuticals was founded in 2008 and it plans to list on the Nasdaq under the symbol RYTM. Morgan Stanley, Merrill Lynch and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of October 2, 2017.
