Rare disease biotech Rallybio sets terms for $81 million IPO

Rallybio, a Phase 1/2 biotech developing antibody therapies for rare diseases, announced terms for its IPO on Thursday.

The New Haven, CT-based company plans to raise $81 million by offering 5.8 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Rallybio would command a fully diluted market value of $465 million.

Rallybio is currently advancing its lead program, RLYB211, in a Phase 1/2 trial for the treatment of fetal and neonatal alloimmune thrombocytopenia, or FNAIT, a potentially life-threatening rare hematological disease affecting fetuses and newborns. RLYB211 is a polyclonal anti-HPA-1a antibody and is expected to report data from its Phase 1/2 trial in July 2021. The company also has four preclinical programs, one of which, RLBY212, is also being developed for the treatment of FNAIT, and two of which are being developed for the treatment of complement dysregulation diseases.

Rallybio was founded in 2018 and plans to list on the Nasdaq under the symbol RLYB. Jefferies, Cowen, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.