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ArriVent BioPharma (AVBP) has made a notable leap in its financial ambitions, raising the stakes and upsizing its proposed initial public offering from $100M to a substantial $150M.
In their most recent SEC filing, ArriVent revealed plans to offer 8.33M shares, anticipated to be priced between $17 and $19. At the mid-point, this pricing structure would translate to about $150M. Additionally, underwriters are set to receive an option to purchase up to 1.25M extra shares to cover any overallotments.
Earlier this month, ArriVent had hinted at a lower figure, expressing intent to raise about $100M. However, that number was cited as a placeholder and was always subject to change.
ArriVent aims to trade its shares on Nasdaq under the symbol AVBP. The underwriters chosen for this significant move include prominent names such as Goldman Sachs, Jefferies, Citigroup, and LifeSci Capital.
Based in Pennsylvania, the company has centered its efforts on a drug candidate called furnmonertinib, designed for the treatment of non-small cell lung cancer with EGFR mutations. This product is presently undergoing Phase 3 testing and has gained FDA breakthrough status since last year.
Exploring ArriVent Biopharma, Inc.
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