Pliant Therapeutics Inc.
priced its initial public offering at $16 a share late Tuesday, the high end of its $14 to $16 range. The company sold 9 million shares to raise $144 million. The deal was upsized from an earlier plan to issue just 6 million shares on Tuesday. Citigroup, Cowen, Piper Sandler and Needham and Company were underwriters. “We are a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis,” the company says in its IPO documents. Proceeds of the deal will be used to fund clinical development of lead product candidate PLN-74809, and to fund R&D for early-stage oncology and muscular dystrophy programs. The remainder will be used for general corporate purposes. The stock will start trading on Nasdaq later Wednesday, under the ticker symbol “PLRX.”