Icosavax, a Phase 1 biotech developing vaccines for respiratory diseases, announced terms for its IPO on Thursday.
The Seattle, WA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Icosavax would command a fully diluted market value of $590 million.
Icosavax is developing its virus-like particle, or VLP, platform technology to develop vaccines against infectious diseases, with an initial focus on life threatening respiratory diseases. The company's pipeline includes vaccines programs targeting some of the most prevalent viral causes of pneumonia. The company's lead program is IVX-A12, a bivalent candidate targeting both respiratory syncytial virus, or RSV, and human metapneumovirus, or hMPV.
Icosavax was founded in 2017 and booked $4 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol ICVX. Jefferies, Cowen, Evercore ISI, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
