Pliant Therapeutics, a Phase 2 biotech developing therapies for the treatment of fibrosis, announced terms for its IPO on Tuesday. The company plans to raise an additional $10 million through a concurrent private placement to Novartis.
The South San Francisco, CA-based company plans to raise $90 million by offering 6 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Pliant Therapeutics would command a fully diluted market value of $496 million.
Pliant Therapeutics was founded in 2016 and booked $86 million in related party revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol PLRX. Citi, Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2020.
