As one of the first in a new year wave of biotechs to announce IPO plans, Arrivent Biopharma has now said it expects to raise around $135 million in the company’s upcoming public offering.
The Pennsylvania-based biotech is offering 8.3 million shares priced between $17 and $19, according to documents filed today with the Securities and Exchange Commission. If the final share price lands in the middle of this range, then Arrivent said it expects to bring in $135.7 million from the IPO, boosted to around $156 million if underwriters fully exercise their option to buy an additional 1.2 million shares.
The company expects to list on the Nasdaq under the ticker symbol “AVBP.”
Arrivent is on a mission to bring China-developed drugs to Western markets via in-licensing deals. The biotech’s lead asset, furmonertinib, is being developed for non-small cell lung cancer (NSCLC). The EGFR tyrosine kinase inhibitor received approval in China in 2021 to treat locally advanced or metastatic NSCLC.
In October, furmonertinib nabbed FDA breakthrough designation for previously untreated, locally advanced or metastatic non-squamous NSCLC with EGFR exon 20 insertion mutations.
Arrivent plans on using about $50 million to $60 million of the IPO net proceeds to support the FDA approval submission and potential commercial activities for furmonertinib, assuming the ongoing phase 3 FURVENT trial is a success.
Up to $50 million could also be spent on activities into 2026 focused on developing furmonertinib for patients with other NSCLC mutations.
Arrivent’s planned public debut was announced Jan. 5, the same day Moderna-backed Metagenomi filed the paperwork to take its preclinical genetic medicines pipeline public. Both offerings will be closely watched as indicators of a potential thaw in an IPO market that remained largely frozen over in 2023.