Attovia Eyes $731.5 Million Valuation in Upsized Biopharma IPO

Biopharmaceutical company Attovia Therapeutics has announced an upsized initial public offering (IPO), targeting a valuation of $731.5 million. The San Carlos, California-based firm had initially aimed to raise up to $212.5 million by offering about 12.5 million shares priced between $15 and $17 apiece. However, the company has now increased its offerings, seeking $289 million by selling 17 million shares at a price of $17 each.

The IPO has received strong demand, with an entity affiliated with Goldman Sachs set to own approximately 5.7% of Attovia's shares. Founded in 2023, Attovia develops biologic therapies for immune-mediated diseases using its ATTOBODY platform. The company plans to use the IPO proceeds to advance the development of its lead drug candidates, fund research and development activities, and cover working capital and general corporate purposes.

Attovia is set to list on the Nasdaq Global Market under the symbol 'ATTO'. Morgan Stanley, Leerink Partners, Citigroup, and RBC Capital Markets are among the underwriters for the offering. The IPO's success indicates strong interest in biopharma listings, with Attovia's valuation target reflecting its potential as a promising player in the industry.