The biotech IPO boom continues! Goldman Sachs launches US$289 million IPO for immunotherapy pioneer Attovia (ATTO.US) to hit NASDAQ tonight

The Zhitong Finance App learned that Attovia Therapeutics Inc. (ATTO.US), an early-stage biopharmaceutical company focusing on the field of immune system diseases and dedicated to meeting huge unmet clinical needs, recently successfully priced at the upper limit of the issue price range in a US initial public offering (IPO), raising US$289 million in capital raised.

According to the announcement, the biotech company, headquartered in San Carlos, California, is issuing 17 million shares at a price of 17 US dollars each. Previously, the company had already scaled up the deal early Tuesday. According to regulatory documents submitted earlier, Attovia originally planned to issue 12.5 million shares at a price of $15 to $17 per share.

Based on the total number of tradable shares listed in the file, Attovia's market capitalization is approximately US$731.5 million based on the IPO price.

According to the application documents, Attovia is relying on technology platforms and patents authorized by Alamar Biosciences Inc. (ALMR.US) to carry out drug research and development. As of March 31, the company has received a total of US$255.8 million in financing from investors, including Goldman Sachs affiliated institutions, as well as well-known investment institutions such as Deep Track Capital, Frazier Life Sciences, and Venbio.

Alamar, a medical device manufacturer focused on protein research and disease detection, spun off Attovia as an independent company in 2023 and continues to be one of its shareholders. Alamar itself raised US$219.9 million in its IPO, and since it went public in April, its stock price has increased by more than 59% cumulatively.

In terms of the R&D pipeline, Attovia has a drug targeting interleukin-31 (interleukin-31), which has now completed the administration of phase 1 clinical trials; another drug targeting interleukin-13 (interleukin-13) is expected to begin clinical trials in the first half of next year.

The IPO performance of the biotech and pharmaceutical sector this year was quite impressive, leading the way among many new stocks. Among them, the stock price of Veradermics Inc. (MANE.US), which focuses on treating hair loss, has soared 531% since its launch in February, while Hemab Therapeutics Inc. (COAG.US), which focuses on the field of hematological diseases, has also recorded a 158% increase since its debut in May.

The lead underwriters for Attovia's IPO are Morgan Stanley, Leerink Partners, Citibank, and Royal Bank of Canada. The company's stock is expected to be traded on the NASDAQ Global Market this Wednesday, under the stock code “ATTO.”