Kodiak Sciences, a Phase 1 biotech developing anti-VEGF inhibitors for wet AMD, announced terms for its IPO on Monday.
The Palo Alto, CA-based company plans to raise $126 million by offering 9.0 million shares at a price range of $13 to $15. Insiders intend to purchase up to $62.5 million of the IPO (50% of the deal). At the midpoint of the proposed range, Kodiak Sciences would command a fully diluted market value of $530 million.
Kodiak Sciences was founded in 2009 and plans to list on the Nasdaq under the symbol KOD. Morgan Stanley, BofA Merrill Lynch and Barclays are the joint bookrunners on the deal. It is expected to price during the week of October 1, 2018.
