Biotech Ambit Biosciences sets terms for $65 million IPO

By Renaissance Capital,

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Ambit Biosciences, which is developing small molecule therapeutics for the treatment of cancer with Astellas Pharma, announced terms for its IPO on Thursday. The San Diego, CA-based company plans to raise $65 million by offering 4.6 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Ambit Biosciences would command a fully diluted market value of $180 million.

Ambit Biosciences, which was founded in 2000 and booked $19 million in revenue for the 12 months ended 3/31/2013, plans to list on the NASDAQ under the symbol AMBI. Ambit Biosciences initially filed confidentially on 12/20/2012. Citi and Leerink Swann are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: AMBI

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