June 4 (Reuters) – Biopharmaceutical company Parabilis Medicines said on Thursday it is aiming to raise as much as $475 million in its U.S. initial public offering.
The summer IPO market has gathered momentum after a choppy start to the year, with a string of well-received listings encouraging more companies to test investor appetite.
Parabilis is a clinical-stage biopharmaceutical company that is developing Helicons, a novel class of stabilized helical peptides designed to attack and modulate proteins that have historically been difficult to target with conventional medicines.
The company is aiming to sell 25 million shares in the offering priced between $17 and $19 apiece.
It is using its proprietary platform to develop therapies for diseases driven by some hard-to-target proteins, Parabilis said in its IPO prospectus.
After the offering closes, Parabilis’ stock will trade on the Nasdaq under the ticker symbol “PBLS.”
Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities and LifeSci Capital are the lead underwriters of the offering.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
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