Stealth BioTherapeutics, a Phase 3 biotech focused on mitochondrial dysfunction, announced terms for its IPO on Wednesday.
The Newton, MA-based company plans to raise $81 million by offering 6.2 million ADSs at a price range of $12 to $14. Insiders intend to purchase $60 million worth of ADSs in the offering (74% of the deal).
At the midpoint of the proposed range, Stealth BioTherapeutics would command a fully diluted market value of $430 million.
Stealth BioTherapeutics was founded in 2006 and plans to list on the Nasdaq under the symbol MITO. Jefferies, Evercore ISI and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of February 11, 2019.
