Avidity Biosciences, a preclinical biotech developing antibody therapies for muscle disorders, raised the proposed deal size for its upcoming IPO on Thursday.
The La Jolla, CA-based company now plans to raise $210 million by offering 12 million shares at a price range of $17 to $18. The company had previously filed to offer 10 million shares at a range of $14 to $16. At the midpoint of the revised range, Avidity Biosciences will raise 40% more in proceeds than previously anticipated to command a fully diluted market value of $619 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.
