Attovia Therapeutics Inc. has successfully launched its initial public offering in the U.S., securing $289 million in capital. The San Carlos, California-based biotech firm priced its shares at $17 apiece, reaching the top of its projected range. The company focuses on developing treatments for diseases that involve the immune system and have limited therapeutic options.
Goldman Sachs and Alamar's role in Attovia's rise
Attovia was spun off from Alamar Biosciences in 2023, a company known for its work in medical device technology and protein research. Alamar remains a key investor in the new company. Meanwhile, Goldman Sachs and its affiliate Deep Track Capital have invested $255.8 million into Attovia since the firm's inception. These substantial investments reflect strong confidence in the company’s drug development platform and its licensed patents from Alamar.
IPO success and market confidence
Originally offering 12.5 million shares between $15 and $17 each, the IPO was expanded to 17 million shares. The final valuation, based on outstanding shares, stands at $731.5 million. This success points to strong demand for Attovia’s innovative work, particularly its drug candidates targeting interleukin-31, which has concluded Phase 1 trials, and interleukin-13, which is set to begin trials next year.
Morgan Stanley, Leerink Partners, Citigroup, and Royal Bank of Canada led the offering. Attovia’s shares will debut Wednesday on the Nasdaq under the ticker symbol ATTO. The IPO follows a trend in the biotech sector, where several companies have seen strong performance post-listing. Attovia's shares jumped 24% in its trading debut, opening at $21 each as of 12:18 p.m. in New York. This gave the company a market value of nearly $904 million, based on the outstanding shares in its filings.
For example, Veradermics Inc. saw a 531% jump in share price after going public in February, while Hemab Therapeutics gained 158% in May. These results highlight how biotech IPOs have become a bright spot in the broader market landscape this year. Frazier Life Sciences was expected to have a 13% stake in Attovia following the offering, down from 21%, Attovia’s filings show. VenBio has 8.8%, falling from 15%, and an affiliate of Goldman Sachs Group Inc. has 5.7%, down from 9.3%, according to the filings.