Existing investor Novartis has committed to a $10m private placement alongside the IPO, in which the fibrosis therapy developer is set to raise up to $96m.
Pliant Therapeutics, a US-based fibrosis drug developer backed by pharmaceutical firm Novartis, set the terms for an initial public offering on Tuesday that will raise $96m at the top of its range.
The company plans to issue 6 million shares priced between $14 and $16 each on the Nasdaq Global Market. Novartis will buy $10m of shares through its Novartis Institutes for BioMedical Research subsidiary in a concurrent private placement.
Founded in 2016 and seeded by venture capital firm Third…
