COVID-19 biotech Atea Pharmaceuticals sets terms for $253 million IPO
Atea Pharmaceuticals, a clinical stage biotech developing therapies for COVID-19 and other viral infections, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $253 million by offering 11 million shares at a price range of $22 to $24. At the midpoint of the proposed range, Atea Pharmaceuticals would command a fully diluted market value of $2.0 billion.
Atea Pharmaceuticals is developing antiviral therapeutics for life-threatening viral infections. The company has built a proprietary purine nucleotide prodrug platform to develop novel product candidates to treat single stranded ribonucleic acid, or ssRNA, viruses, which are a prevalent cause of severe viral diseases. The company's most advanced candidate, AT-527, is currently in a Phase 2 trial in approximately 190 adult patients with moderate COVID-19, with topline data expected in the 1H21.
Atea Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol AVIR. J.P. Morgan, Morgan Stanley, Evercore ISI and William Blair are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
The article COVID-19 biotech Atea Pharmaceuticals sets terms for $253 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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