Amylyx Pharmaceuticals, a Phase 3 biotech developing therapies to treat ALS, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $166 million by offering 8.8 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Amylyx Pharmaceuticals would command a fully diluted market value of $1.1 billion.
Amylyx is developing therapies for amyotrophic lateral sclerosis (ALS) and a broad range of neurodegenerative diseases. The company believes its lead candidate, AMX0035, is the first drug candidate to show both a functional and survival benefit in a large-scale clinical trial of patients with ALS. Amylyx recently initiated a 48-week Phase 3 trial of AMX0035 for the treatment of ALS in the US and Europe. It submitted an NDS in Canada in the 2Q21, an NDA to the FDA in the 4Q21, and plans to submit an MAA in Europe in the 1Q22.
Amylyx Pharmaceuticals was founded in 2014 and booked $1 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol AMLX. Goldman Sachs, SVB Leerink, and Evercore ISI are the joint bookrunners on the deal.
