Annexon, a Phase 1 biotech developing therapies for rare autoimmune diseases, raised the proposed deal size for its upcoming IPO on Thursday.
The South San Francisco, CA-based company now plans to raise $194 million by offering 12.5 million shares at a price range of $15 to $16. The company had previously filed to offer 10 million shares at a range of $14 to $16. At the midpoint of the revised range, Annexon will raise 29% more in proceeds than previously anticipated to command a fully diluted market cap of $547 million.
Annexon was founded in 2011 and plans to list on the Nasdaq under the symbol ANNX. J.P. Morgan, BofA Securities and Cowen are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2020.
