89bio, a Phase 1 biotech developing therapies for NASH and other metabolic diseases, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $70 million by offering 4.4 million shares at a price range of $15 to $17. Insiders intend to purchase $40 million worth of shares in the offering. At the midpoint of the proposed range, 89bio would command a fully diluted market value of $210 million.
89bio was founded in 2018 and plans to list on the Nasdaq under the symbol ETNB. BofA Securities, SVB Leerink and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 4, 2019.
