Arvinas, a preclinical biotech developing protein degradation therapies for advanced cancers, announced terms for its IPO on Friday.
The New Haven, CT-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. Insiders intend to purchase $40 million worth of shares in the offering (40% of the deal). At the midpoint of the proposed range, Arvinas would command a market value of $468 million.
Arvinas was founded in 2013 and booked $12 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol ARVN. Goldman Sachs, Citi and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of September 24, 2018.
