89bio, a Phase 1 biotech developing therapies for NASH and other metabolic diseases, raised $85 million by offering 5.3 million shares at $16, within the range of $15 to $17, to command a market value of $225 million. The company originally planned to raise $70 million by offering 4.4 million shares at the same range. 89bio plans to list on the Nasdaq under the symbol ETNB. BofA Securities and SVB Leerink acted as lead managers on the deal.
