Atara Biotherapeutics refiles terms for $75 million IPO

Atara Biotherapeutics, an early-stage biotech targeting muscle loss in patients with end-stage renal disease, announced terms for its IPO on Tuesday. The Brisbane, CA-based company plans to raise $75 million by offering 5.0 million shares at a price range of $14 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $305 million. Atara originally set terms to raise $75 million in July 2014 at the same market value, but postponed its IPO due to pending clinical trial data.

The company's lead candidate is a biologic that inhibits a protein the body uses to down regulate muscle growth. It recently began enrolling patients in Phase 2 trials, with results expected in the 2H15. Protein-energy wasting (PEW) is a major complication of end-stage renal disease that Atara estimates affects 250,000 in the US and 800,000 worldwide.

Primary shareholders include KPCB, Domain Associates, DAG Ventures, Baupost Group, billionaire Carlos Slim, Celgene (CELG), Amgen (AMGN) and CEO Isaac Ciechanover. Insiders intend to purchase $35 million worth of shares on the offering (47% of the deal at the midpoint).

Atara Biotherapeutics, which was founded in 2012, plans to list on the NASDAQ under the symbol ATRA. Goldman Sachs and Citi are the joint bookrunners on the deal. It is expected to price during the week of October 13, 2014.