Pliant Therapeutics Upsized IPO Priced at High End of Range
03 Junho 2020 - 7:27AM
Dow Jones News
By Colin Kellaher
Pliant Therapeutics Inc. said its upsized initial public
offering of nine million shares was priced at $16 apiece, the high
end of the expected range.
The South San Francisco, Calif., clinical-stage
biopharmaceutical company focused on the treatment of fibrosis said
it also agreed to sell an additional 625,000 shares at $16 each to
current investor Novartis AG in a private placement.
Novartis held a roughly 6.2% stake in Pliant prior to the
IPO.
Pliant, which on Tuesday raised the size of the offering to nine
million shares from six million, said it expects gross proceeds of
$144 million from the IPO, adding that it granted the underwriters
a 30-day option to buy up to an additional 1.35 million shares.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 03, 2020 06:12 ET (10:12 GMT)
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