Vir Biotechnology, a Phase 2 biotech developing immunologic therapies for infectious diseases, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $150 million by offering 7.1 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Vir Biotechnology would command a fully diluted market value of $2.4 billion.
Vir Biotechnology was founded in 2016 and booked $12 million in grant and contract revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol VIR. Goldman Sachs, J.P. Morgan, Cowen and Barclays are the joint bookrunners on the deal. It is expected to price during the week of October 7, 2019.
