Orphan disease biotech Auspex Pharmaceuticals sets terms for $61 million IPO

Auspex Pharmaceuticals, a clinical-stage biotech developing treatments for orphan diseases, announced terms for its IPO on Friday. The San Diego, CA-based company plans to raise $61 million by offering 5.5 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Auspex Pharmaceuticals would command a market value of $231 million.

Auspex Pharmaceuticals, which was founded in 2001, plans to list on the NASDAQ under the symbol ASPX. The company initially filed confidentially on November 21, 2013. Stifel and BMO Capital Markets are the joint bookrunners on the deal.