Spero Therapeutics, which is developing antibiotics for drug-resistant bacterial infections, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. Insiders intend to purchase up to $30 million on the deal. At the midpoint of the proposed range, Spero Therapeutics would command a fully diluted market value of $215 million.
Spero Therapeutics was founded in 2013 and booked $1 million in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol SPRO. BofA Merrill Lynch, Cowen & Company and Stifel are the joint bookrunners on the deal. It is expected to price the week of October 30, 2017.
