Ayala Sets IPO at 3.33 Million Shares; Sees Pricing at $14-$16

Ayala Pharmaceuticals Inc. on Monday said it expects to sell 3.33 million shares at between $14 and $16 apiece in its planned initial public offering.
At the $15 midpoint of that range, the Wilmington, Del., clinical-stage oncology company said it expects net proceeds of about $44.4 million, or roughly $51.3 million if the underwriters exercise their option to buy an additional 500,000 shares.
Ayala said it will use the proceeds to advance its AL101 and AL102 product candidates, which it is developing for patients suffering from rare and aggressive cancers.
Novartis AG currently holds a 7.2% stake on Ayala, while Bristol-Myers Squibb Co. owns roughly 6.4%, according to a filing with the Securities and Exchange Commission.
Ayala said it will have about 12.6 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $189.2 million at the $15-a-share midpoint.
The company said it has applied to list its shares on the Nasdaq Global Market under the symbol AYLA.

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