By Colin Kellaher
ArriVent BioPharma plans to sell more than 8.33 million shares at between $17 and $19 apiece in its initial public offering.
At the $18 midpoint of that price range, the Newtown Square, Pa., clinical-stage biopharmaceutical company said it expects net proceeds of about $135.7 million, or roughly $156.7 million if the underwriters exercise an option to buy an additional 1.25 million shares.
ArriVent said it will use the proceeds to advance its lead development candidate furmonertinib in non-small cell lung cancer, adding that it believes the new funds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs into 2026.
ArriVent said it would have about 31.8 million shares outstanding after the offering, assuming exercise of the overallotment option, for a market capitalization of nearly $573 million at the $18-a-share pricing midpoint.
ArriVent said it has applied to list its shares on the Nasdaq Global Market under the symbol AVBP.
Write to Colin Kellaher at [email protected]
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