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Biotech Ambit Biosciences sets terms for $65 million IPO

Posted
5/2/2013 8:55:00 AM
By: Renaissance Capital
Referenced Stocks:AMBI

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.