Inventiva, a Phase 2 French biotech developing therapies for NASH and other diseases, raised the proposed range for its upcoming IPO on Wednesday.
The Daix, France-based company now plans to raise $108 million by offering 7.5 million ADSs at a price range of $13.40 to $15.40. The company had previously filed to offer the same number of ADSs at a price of $13.68. The company also noted it will not price lower than 10% below the volume-weighted average closing price of its ordinary shares on Euronext Paris (IVA) for the three trading days preceding the offer date. At the midpoint of the revised range, Inventiva will raise 5% more in proceeds than previously anticipated at a fully diluted market cap of $559 million.
Inventiva's lead candidate, lanifibranor, is an oral small molecule therapy for the treatment of NASH. The company announced positive topline results from its NATIVE Phase 2b trial for lanifibranor, and end of Phase 2b meetings are expected in the 4Q20.
Inventiva was founded in 2011 and booked $11 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol IVA. Jefferies, Stifel and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of July 6, 2020.
