Avalyn Pharma Inc. (AVLN), a clinical-stage biopharmaceutical company, announced the pricing of its upsized initial public offering of 16.67 million shares at a price of $18.00 per share. The gross proceeds to Avalyn are expected to be $300 million.
The shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026, under the ticker symbol "AVLN."
In addition, Avalyn has granted the underwriters a 30-day option to buy an additional 2.50 million shares of its common stock at the initial public offering price, less underwriting discounts and commissions.
The offering is expected to close on May 1, 2026, subject to customary closing conditions.
Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.
Avalyn focuses on the treatment of pulmonary fibrosis and other serious, rare respiratory diseases.
Avalyn's lead AP01 program is an optimised inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis.
It also develops AP02, an optimised inhaled formulation of nintedanib for idiopathic pulmonary fibrosis, and AP03, an inhaled fixed-dose combination of pirfenidone and nintedanib.
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