Covid-19 therapies maker Atea is planning stock market flotation

Atea Pharmaceuticals, a clinical stage biotechnology company developing therapies for Covid-19, has filed a registration statement with US regulators for an initial public offering (IPO) on Nasdaq.

The business set a placeholder of USD 100.00 million to calculate registration fees.

Atea is planning to list under the symbol AVIR; however, the process is still early stages and details such as the size, price and timing were not disclosed.

The group is developing antiviral therapeutics for life-threatening viral infections and built a proprietary purine nucleotide prodrug platform to develop novel product candidates to treat single stranded ribonucleic acid viruses.

Founded in 2014, Atea’s most advanced candidate AT-527 is currently in a phase 2 trial in approximately 190 adult patients with moderate Covid-19, with topline data expected in the first half of 2021.

JPMorgan, Morgan Stanley, Evercore ISI and William Blair have been appointed as joint bookrunning mangers for the sale.

Atea is planning to use the proceeds from the offering, together with existing cash and cash equivalents to advance the clinical development of AT-527 for the treatment of chronic HCV, AT-752 for the treatment of dengue fever and the RSV programme.

Any remaining proceeds will be used for working capital and general corporate purposes.

In the six months to 30th June 2020, Atea posted total operating expenses of USD 14.05 million, which is more than double the USD 6.09 million recorded in the corresponding period of 2019.

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Net loss totalled USD 13.98 million in H1 2020, compared to a loss of USD 5.75 million in H1 2019.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 101 IPOs of scientific research and development services providers announced worldwide in 2020 to date.

US-based contract pharmaceutical research and development services PPD completed a listing on Nasdaq and raised USD 1.62 billion in proceeds.

SK Biopharmaceuticals, Grail, Everest Medicines, Legend Biotech, among others, have also unveiled plans to go public this year.

© Zephus Ltd

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