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Dementia and Alzheimer's biotech Alector sets terms for $176 million IPO

January 29, 2019
ALEC

Alector, a phase 1 biotech developing therapies for neurodegeneration, announced terms for its IPO on Tuesday.

The South San Francisco, CA-based company plans to raise $176 million by offering 9.3 million shares at a price range of $18 to $20. Insiders intend to purchase $85 million worth of shares in the offering (48% of the deal). At the midpoint of the proposed range, Alector would command a fully diluted market value of $1.4 billion 

Alector was founded in 2013 and booked $22 million in sales for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol ALEC. Morgan Stanley, BofA Merrill Lynch, Cowen and Barclays are the joint bookrunners on the deal. It is expected to price during the week of February 4, 2019.