Pliant Therapeutics, a Phase 2 biotech developing therapies for the treatment of fibrosis, increased the proposed share offering for its upcoming 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 now plans to raise $135 million by offering 9 million shares at a price range of $14 to $16. The company had previously filed to offer 6 million shares at the same range. At the midpoint, Pliant Therapeutics will raise 50% more in proceeds than previously anticipated and would command a fully diluted market cap of $541 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.
