Principia Biopharma Adds Even More Shares to IPO
Principia Biopharma now intends to price more than 6 million shares for an initial public offering valued up to more than $122 million.
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Principia Biopharma has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company now intends to price its 6.25 million shares in the range of $15 to $17 a piece, with an overallotment option for an additional 937,500 shares. Previously the company only planned on listing 4.69 million shares. At the maximum price, the entire offering is valued up to $122.19 million. The company intends to list its shares on the Nasdaq under the symbol PRNB.
The underwriters for the offering are Merrill Lynch, Leerink Partners, Wells Fargo and Baird.
This is a clinical-stage biopharmaceutical company dedicated to bringing transformative oral therapies to patients with significant unmet medical needs in immunology and oncology. Its proprietary Tailored Covalency platform enables the firm to design and develop reversible covalent and irreversible covalent, small molecule inhibitors with potencies and selectivities that management believes will rival those of injectable biologics, yet maintain the convenience of a pill.
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Overall management’s strategy is to advance the development of its proprietary drug candidates and, for certain programs, to use collaborations and partnerships as strategic tools to maximize the value of those assets.
The company has produced three new drug candidates from its platform, resulting in four clinical programs in its first seven years of operation. Principia retains full, worldwide rights to its most advanced programs, PRN1008 and PRN1371, and have established ongoing collaborations with Genzyme, a Sanofi company, and AbbVie for its other programs.
Principia intends to use the net proceeds from the offering to further fund and develop its pipeline, as well as for working capital and general corporate purposes.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
