NGM Biopharmaceuticals, a Phase 2 biotech developing therapies for NASH and Type 2 diabetes, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. The Column Group intends to purchase $30 million worth of shares in the offering (30% of the deal). Merck plans to invest $62 million in a concurrent private placement. At the midpoint of the proposed range, NGM Biopharmaceuticals would command a fully diluted market value of $1.1 billion.
Another NASH biotech, Genfit (GNFT), plans to list in New York this week in a $132 million offering.
NGM Biopharmaceuticals was founded in 2007 and booked $109 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol NGM. Goldman Sachs, Citi and Cowen are the joint bookrunners on the deal. It is expected to price during the week of April 1, 2019.
