Principia Biopharma, which is developing oral small molecule therapies for pemphigus, ITP and MS, raised the proposed deal size for its upcoming IPO on Thursday.
The South San Francisco, CA-based company now plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. The company had previously filed to offer 4.7 million shares at the same range. At the midpoint of the range, Principia Biopharma will raise 33% more in proceeds than previously anticipated. Insiders intend to purchase up to $26 million of the IPO (26% of the deal).
Principia Biopharma was founded in 2008 And booked $29 million in revenue 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.
