Ardelyx, a biotech developing small molecule treatments for kidney and gastrointestinal diseases, announced terms for its IPO on Monday. The Fremont, CA-based company plans to raise $50 million by offering 3.6 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Ardelyx would command a fully diluted market value of $252 million.
Ardelyx, which was founded in 2007 and booked $31 million in licensing and collaboration revenue for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol ARDX. Ardelyx initially filed confidentially on April 11. Citi and Leerink Partners are the joint bookrunners on the deal. It is expected to price during the week of June 16, 2014.
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