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Biotech Ambit Biosciences sets terms for $65 million IPO

May 2, 2013

Ambit Biosciences, which is developing small molecule therapeutics for the treatment of cancer with Astellas Pharma, announced terms for its IPO on Thursday. The San Diego, CA-based company plans to raise $65 million by offering 4.6 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Ambit Biosciences would command a market value of $180 million.

Ambit Biosciences, which was founded in 2000 and booked $19 million in revenue from collaboration agreements for the 12 months ended 3/31/2013, plans to list on the NASDAQ under the symbol AMBI. Ambit Biosciences initially filed confidentially on 12/20/2012. Citi and Leerink Swann are the joint bookrunners on the deal.