Investing.com -- Parabilis Medicines announced today that it plans to raise up to $475 million through a U.S. initial public offering. The biopharmaceutical company filed to offer 25 million shares priced between $17 and $19 each.
The company will list its shares on the Nasdaq exchange under the ticker PBLS.
Regeneron Pharmaceuticals agreed to purchase approximately $75 million of Parabilis Medicines' common stock through a concurrent private placement, the company said.
Parabilis Medicines plans to allocate about $150 million of the IPO proceeds toward the ongoing clinical development of zolucatetide for desmoid tumors. An additional $120 million will fund the continued clinical development of zolucatetide across several other indications. The company intends to use roughly $130 million to advance its pipeline of additional programs.
Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital are serving as underwriters for the offering.