PhaseBio Pharmaceuticals, an early-stage biotech developing therapies to treat orphan diseases, announced terms for its IPO on Friday.
The Malvern, PA-based company plans to raise $65 million by offering 5 million shares at a price range of $12 to $14. Insiders intend to purchase up to $25 million of the IPO (38% of the deal). At the midpoint of the proposed range, PhaseBio Pharmaceuticals would command a fully diluted market value of $269 million.
PhaseBio Pharmaceuticals was founded in 2002 and plans to list on the Nasdaq under the symbol PHAS. Citi, Cowen and Stifel are the joint bookrunners on the deal.
