AlloVir, a Phase 2 biotech developing allogeneic T cell therapies for viral diseases, announced terms for its IPO on Thursday.
The Cambridge, MA-based company plans to raise $251 million by offering 14.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, AlloVir would command a fully diluted market value of $1.0 billion.
The company's pipeline contains lead candidate Viralym-M, a multi-virus-specific T cell therapy targeting five viruses. The company is initially focusing on immunocompromised allogeneic hematopoietic stem cell transplant (HSCT) and solid organ transplant patients who are at high risk for life-threatening viral infections from the five viruses targeted by Viralym-M. AlloVir recently reported positive data from its completed a Phase 2 trial and plans to initiate a total of three Phase 3 pivotal and three Phase 2 trials in 2020 and 2021.
AlloVir was founded in 2013 and plans to list on the Nasdaq under the symbol ALVR. Morgan Stanley, J.P. Morgan, SVB Leerink and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2020.
