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Aslan Pharmaceuticals plans $86.3M IPO on Nasdaq

ASLAN Pharmaceuticals Ltd. plans to offer its American depositary shares, or ADSs, representing ordinary shares of about $86.3 million in an IPO on the Nasdaq Global Market.

The company has granted the underwriters an overallotment option to buy additional ADSs.

ASLAN plans to apply to list its ADSs on the Nasdaq Global Market under the symbol ASLN.

The clinical-stage oncology-focused biopharmaceutical company based in Singapore plans to use the net proceeds to fund its planned and ongoing clinical trials and manufacturing activities in preparation for a potential commercial launch.

The remaining net proceeds will be used to fund new and other ongoing research and development activities, working capital and other general corporate purposes.

Leerink Partners LLC and Piper Jaffray & Co. are acting as book-running managers and representatives of the underwriters, which include BTIG LLC, H.C. Wainwright & Co. LLC and CLSA Ltd.