Opthea, an Australian Phase 3 biotech developing VEGF inhibitors for wet AMD, announced terms for its IPO on Friday.
The South Yarra, Australia-based company plans to raise $161 million by offering 9.3 million ADSs at $17.26, the as-converted last close of its shares on the ASX (OPT). At the proposed price, Opthea would command a fully diluted market value of $771 million.
The company is currently developing a novel therapy for the treatment of highly prevalent and progressive retinal diseases. Its sole clinical candidate, OPT-302, is a biologic designed to inhibit VEGF-C and VEGF-D, to complement VEGF-A inhibitors for the treatment of ophthalmic diseases. The company intends to initiate two pivotal Phase 3 trials for wet AMD in the 1H21, with topline data expected in 2023.
Opthea was founded in 1984 and booked $1 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol OPT. Citi and SVB Leerink are the joint bookrunners on the deal.
