Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, raised $300 million by offering 16.7 million shares at $18, the high end of the $16 to $18 range. The company originally filed to offer 11.8 million shares at $16 to $18, before it increased the share offering on 04/29. At pricing, the company commands a fully diluted market value of $813 million.
Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its lead candidates, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib, respectively, designed to deliver approved antifibrotic drugs directly to the lungs to improve local drug exposure while reducing systemic side effects. AP01, which targets idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), has completed the ATLAS Phase 1b trial, with participating patients transitioning into an ongoing open-label extension study that also includes additional IPF and PPF cohorts. AP02 is being developed as an inhaled version of nintedanib for pulmonary fibrosis indications, expanding the company’s pipeline across the two most widely used antifibrotic mechanisms.
The Boston, MA-based company will trade on the Nasdaq under the symbol AVLN. Morgan Stanley, Jefferies, Evercore ISI, and Guggenheim Securities acted as joint bookrunners on the deal.
