Trius Therapeutics, which is developing a Phase 3 IV and orally administered treatment for serious gram-positive infections similar to Pfizer's Zyvox, announced terms for its IPO on Thursday. The San Diego, CA-based company plans to raise $78 million by offering 6 million shares at a price range of $12-$14. At the mid-point of the proposed range, Trius Therapeutics will command a market value of $216 million. The biotech, which was originally incorporated as RexC Pharmaceuticals in June of 2004, has yet to generate product revenue; since inception, it has recognized $11 million in revenue from its contract with the National Institute of Allergy and Infectious Diseases (NIAID) and other grants. Trius Therapeutics plans to list on the NASDAQ under the symbol TSRX and is the third biotech to file terms this month, following Anthera (ANTH) and AVEO Pharmaceuticals (AVEO). Credit Suisse, Piper Jaffray and Canaccord Adams are the lead underwriters on the deal, which is expected to price on Monday, Mar. 15.
