Oyster Point Pharma, a Phase 3 biotech developing a nasal spray formulation for dry eye disease, announced terms for its IPO on Monday.
The Princeton, NJ-based company plans to raise $85 million by offering 5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Oyster Point Pharma would command a fully diluted market value of $385 million.
Oyster Point Pharma was founded in 2015 and plans to list on the Nasdaq under the symbol OYST. J.P. Morgan, Cowen and Piper Jaffray are the joint bookrunners on the deal. It is expected to price on Wednesday, October 30, 2019.
