Avidity Biosciences Sets IPO at 10 Million Shares; Sees Pricing at $14-$16

Avidity Biosciences Inc., a preclinical-stage biopharmaceutical company backed by Eli Lilly & Co., on Monday said it expects to sell 10 million shares at between $14 and $16 apiece in its initial public offering.
At the $15 midpoint of that range, the La Jolla, Calif., company said it expects net proceeds of about $136.6 million, or roughly $157.5 million if the underwriters exercise an option to buy an additional 1.5 million shares.
Avidity said it will use proceeds from the IPO to fund development of its oligonucleotide-based therapies aimed at treating a range of serious diseases. The company’s lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1, a rare monogenic muscle disease.
In a filing with the Securities and Exchange Commission, Avidity said it will have about 32.5 million shares outstanding after the IPO, assuming exercise of the overallotment option, for a valuation of about $486.8 million at the $15-a-share midpoint.
Eli Lilly, which last year formed a collaboration with Avidity, currently owns a 10.4% stake in the company.
Avidity said it has applied to list its shares on the Nasdaq Global Market under the symbol RNA.
https://www.marketscreener.com/ELI-LILLY-AND-COMPANY-13401/news/Eli-Lilly-and-Avidity-Biosciences-Sets-IPO-at-10-Million-Shares-Sees-Pricing-at-14-16-Each-30739020/