Business
Pliant Therapeutics Announces Pricing of Initial Public Offering
SOUTH SAN FRANCISCO, Calif., June 2, 2020 /PRNewswire/ -- Pliant Therapeutics, Inc., a clinical stage biopharmaceutical company focused on discovering and
About this update from Pliant Therapeutics, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., June 2, 2020 /PRNewswire/ -- Pliant Therapeutics, Inc., a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis, today announced the pricing of its initial public offering of 9,000,000 shares of its common stock at a public offering price of $16.00 per share. All of the shares of common stock are being offered by Pliant. In addition, Pliant has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on The Nasdaq Global Select Market on June 3, 2020 under the ticker symbol \"PLRX.\" The gross proceeds to Pliant from the initial public offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $144.0 million. The initial public offering is expected to close on June 5, 2020, subject to satisfaction of customary closing conditions. \n\n \n \n \n \n \n \n\n \nCitigroup, Cowen and Piper Sandler are acting as joint book-running managers for the initial public offering. Needham & Company is acting as lead manager. \nIn addition to the shares being sold in the initial public offering, Pliant also announced today that it has agreed to sell an additional 625,000 shares of its common stock in a concurrent private placement at $16.00 per share to one of its existing investors, Novartis Institutes for BioMedical Research, Inc. The sale of these shares of common stock will not be registered under the Securities Act of 1933, as amended, and will be subject to a 180-day lock-up agreement. The concurrent private placement is also scheduled to close on June 5, 2020, subject to the satisfaction of customary closing conditions. The closing of Pliant's initial public offering is not conditioned upon the closing of the concurrent private placement, but the closing of the concurrent private placement is conditioned upon the closing of the initial public offering.\nA registration statement on Form S-1 relating to shares of common stock sold in the initial public offering has been filed with the Securities and Exchange Commission and became effective on June 2, 2020. The initial public offering is made only by means of a prosp...