ArriVent BioPharma, a clinical-stage biopharmaceutical company based in Newtown Square, Pa., has revealed its plans to conduct an initial public offering. The company intends to sell over 8.33 million shares at a price range of $17 to $19 per share. At the midpoint of this range, $18, ArriVent expects to generate approximately $135.7 million in net proceeds. If the underwriters exercise their option to purchase an additional 1.25 million shares, the net proceeds could reach $156.7 million.
The primary purpose of this IPO is to further advance ArriVent's lead development candidate, furmonertinib, in the field of non-small cell lung cancer. With the infusion of these funds, combined with the company's existing resources, ArriVent is confident that it will have sufficient financial means to support its operating expenses and capital-spending requirements until 2026.
Upon completion of the offering and assuming the overallotment option is exercised, ArriVent will have approximately 31.8 million shares outstanding. At the midpoint pricing of $18 per share, this will result in a market capitalization of nearly $573 million.
ArriVent has submitted an application to list its shares on the Nasdaq Global Market, where it anticipates trading under the symbol AVBP.
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