Protein therapeutics biotech Ambrx sets terms for $70 million IPO

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Ambrx, a biotech developing protein therapeutics to deliver large molecule drugs, announced terms for its IPO on Monday. The La Jolla, CA-based company plans to raise $70 million by offering 5.4 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Ambrx would command a fully diluted market value of $246 million.

In addition to its wholly-owned cancer and human growth hormone candidates, Ambrx has partnered with Bristol-Myers Squibb to develop a diabetes drug (in Phase 2 trials) and Eli Lilly for its animal health drug (expected to reach US markets by 2015). Primary shareholders include Roche and Merck ( MRK ).

Ambrx, which was founded in 2003 and booked $20 million in collaboration revenue for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol AMBX. Ambrx initially filed confidentially on March 28. Stifel and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 23, 2014.



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



This article appears in: News Headlines , IPOs

Referenced Stocks: MRK , AMBX

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