Aligos Therapeutics raises $150 million as IPO prices at middle of expected range

/ / News

Aligos Therapeutics Inc.’s initial public offering priced late Thursday at $15 a share, in the middle of the expected range of between $14 and $16 a share. The California-based biopharmaceutical company focused on viral and liver disease treatments sold 10 million shares in the IPO to raise $150 million. With about 33.8 million shares outstanding, the IPO pricing values the company at about $540.8 million. The stock is expected to begin trading Friday on the Nasdaq exchange under the ticker symbol “ALGS.” J.P. Morgan, Jefferies and Piper Sandler are the joint book-running managers. For the six months ended June 30, the company recorded a net loss of $40.8 million on no revenue, after a loss of $20.0 million on no revenue in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF has soared 31.9% over the past three months while the S&P 500 has gained 8.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.