Graybug Vision (GRAY) has priced its upsized initial public offering of 5.628M (from 4.79M) at $16, at the midpoint of the expected range of $15-$17.
Underwriters' overallotment is an additional 843,750 shares.
Trading kicks off today on the Nasdaq Global Market.
Offering is expected to close on September 29, 2020
With 19.16M shares outstanding, the pricing values the company at $306.5M.
The company's major competitors are Hoffmann-La Roche, Kodiak Sciences (NASDAQ:KOD), Chengdu Kanghong Pharmaceutical Group, Opthea Limited (OTCPK:CKDXY).
Graybug is seeking public funding to advance its lead candidate through Phase 2b trials and into the beginning of Phase 3 trials. The firm's lead candidate, GB-102, in its ADAGIO trial, resulted in 88% of patients who were previously treated with an average of eight injections annually being able to maintain stable central retinal thickness and visual acuity for six months or more with a single injection of 1 mg of GB-102.
According to a 2019 market research report, the global market for Wet AMD treatment reached $6.9B in 2018 and is forecast to grow to $10.4B by 2024. This represents a forecast CAGR (Compound Annual Growth Rate) of 7.1% from 2019 to 2024.
