Novartis-backed Viamet Pharmaceuticals sets terms for $86 million IPO

Viamet Pharmaceuticals Holdings, a biotech developing small molecule metalloenzyme inhibitors to treat fungal diseases, announced terms for its IPO on Tuesday.

The Durham, NC-based company plans to raise $86 million by offering 5.7 million shares at a price range of $14 to $16. Insiders intend to purchase $40 million worth of shares in the offering. At the midpoint of the proposed range, Viamet Pharmaceuticals Holdings would command a fully diluted market value of $389 million.

Viamet Pharmaceuticals Holdings was founded in 2004. It plans to list on the Nasdaq under the symbol VMET. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of May 9, 2016.