Belite Bio, a Phase 3 biotech developing novel therapies for retinal degeneration and metabolic diseases, announced terms for its IPO on Wednesday.
The San Diego, CA-based company plans to raise $36 million by offering 6 million ADSs at a price range of $5.50 to $6.50. Parent Lin BioScience intends to purchase $15 million worth of ADSs in the offering (42% of the deal). At the midpoint of the proposed range, Belite Bio would command a market value of $145 million.
Belite is developing novel therapies for untreatable eye diseases involving retinal degeneration such as atrophic age-related macular degeneration (dry AMD) and autosomal recessive Stargardt disease (STGD1), and metabolic diseases such as non-alcoholic fatty liver disease, nonalcoholic steatohepatitis, type 2 diabetes, and gout. The company’s lead candidate, LBS-008, is an oral once-a-day treatment being developed for STGD1. Belite is currently evaluating LBS-008 in adolescent STGD1 patients in a Phase 2 trial in Australia and Taiwan and has initiated a Phase 3 trial, with approval to commence patient enrollment in Taiwan, the UK, Hong Kong, and Switzerland.
Belite Bio was founded in 2016 and plans to list on the Nasdaq under the symbol BLTE. The Benchmark Company is the sole bookrunner on the deal. It is expected to price during the week of April 25, 2022.
