Antibacterial biotech Achaogen sets terms for $65 million IPO
Achaogen, which is developing antibacterials for the treatment of multi-drug resistant infections, announced terms for its IPO on Tuesday. The South San Francisco, CA-based company plans to raise $65 million by offering 5 million shares at a price range of $12 to $14. At the midpoint of the proposed range, the company would command a fully diluted market value of $216 million. Achaogen, which was founded in 2002 and booked $19 million in grant revenue for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol AKAO. Achaogen initially filed confidentially on December 18, 2013. Credit Suisse and Cowen & Company are the joint bookrunners on the deal.