Avidity Biosciences, a preclinical biotech developing antibody therapies for muscle disorders, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Avidity Biosciences would command a fully diluted market value of $500 million.
Avidity Biosciences was founded in 2012 and booked $4 million in collaboration and contract research revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol RNA. Cowen, SVB Leerink, Credit Suisse, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2020.
