Longboard Pharmaceuticals, a Phase 1 biotech formed by Arena Pharmaceuticals developing medicines for neurological diseases, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Longboard Pharmaceuticals would command a fully diluted market value of $265 million.
Longboard Pharmaceuticals is focused on developing novel, transformative medicines for neurological diseases. It was formed in January 2020 by Arena Pharmaceuticals to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors. Its lead candidate, LP352, is an oral, centrally acting, 5-HT2c superagonist that is being advanced in a multiple-ascending dose portion of a Phase 1 trial. Longboard expects to initiate a Phase 1b/2a trial for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome, among others, in the 1Q22.
Longboard Pharmaceuticals was founded in 2020 and plans to list on the Nasdaq under the symbol LBPH. Citi, Evercore ISI, Guggenheim Securities and Cantor Fitzgerald are the joint bookrunners on the deal.
