Principia Biopharma, which is developing oral small molecule therapies in the areas of oncology and immunology, announced terms for its IPO on Tuesday.
The South San Francisco, CA-based company plans to raise $75 million by offering 4.7 million shares at a price range of $15 to $17. Insiders intend to purchase $26 million worth of shares in the offering. At the midpoint of the proposed range, Principia Biopharma would command a fully diluted market value of $369 million.
Principia Biopharma was founded in 2008 and booked $29 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol PRNB. BofA Merrill Lynch, Leerink Partners and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of September 10, 2018.
