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AstraZeneca spinout Viela Bio files for $150M Nasdaq IPO

AstraZeneca PLC spinout Viela Bio Inc. filed for an IPO of up to $150 million.

Cambridge, U.K.-based AstraZeneca said in February 2018 that its research and development unit, MedImmune LLC, would move out six experimental compounds from its early-stage inflammation and autoimmunity programs to form Viela Bio, an independent biotech company.

Gaithersburg, Md.-based Viela applied to list its shares on the Nasdaq global market under the symbol VIE.

Viela Bio's lead product candidate is inebilizumab, which is being developed as a first-line single therapy for neuromyelitis optica spectrum disorder — a condition affecting the optic nerve, spinal cord and brain stem and often leads to irreversible blindness and paralysis.

The company plans to use proceeds from the IPO to support the approval process for inebilizumab and to fund clinical trials for the drug in other indications. Part of the proceeds will also be used to develop the company's other product candidates and to fund working capital and general corporate purposes.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Cowen and Co. LLC are the representatives of the underwriters, while Guggenheim Securities LLC is also an underwriter.