3/10/10

AVEO Pharmaceuticals, which was originally scheduled to set its IPO price tonight after the market close, pushed back its pricing date to Thursday, Mar. 11. The Cambridge, MA-based biotech is developing a Phase 3 trial for its lead candidate tivozanib, an oral treatment for renal cell carcinoma (RCC). AVEO plans to raise $98 million by offering 7 million shares at a price range of $13-$15; at the mid-point of the proposed range, it will command a market value of $387 million. The biotech plans to list on the NASDAQ under the symbol AVEO. J.P. Morgan and Morgan Stanley are acting as the lead underwriters on the deal.