Allena Pharmaceuticals, which is developing enzymes for rare and severe metabolic and kidney disorders, announced terms for its IPO on Monday.
The Newton, MA-based company plans to raise $80 million by offering 5.3 million shares at a price range of $14 to $16. Insiders intend to purchase $25 million worth of shares in the offering. At the midpoint of the proposed range, Allena Pharmaceuticals would command a fully diluted market value of $329 million.
Allena Pharmaceuticals was founded in 2011 and plans to list on the Nasdaq under the symbol ALNA. Credit Suisse, Jefferies and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of October 30, 2017.
