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Principia Biopharma sets price range for IPO

Principia Biopharma Inc. announced the price range for its IPO to list on the Nasdaq Global Market under the ticker PRNB.

The biopharmaceutical company is planning to offer 4,687,500 common shares for anywhere between $15 and $17 apiece.

Principia Biopharma said certain stockholders, including those affiliated with certain of its directors, intend to buy $26 million worth of its stock during the IPO.

Bank of America Merrill Lynch, Leerink Partners LLC, Wells Fargo Securities LLC and Robert W. Baird & Co. Inc. are serving as underwriters for the IPO, which is designed to help Principia Biopharma raise funds for some of its drug candidates, including lead product candidate PRN1008 — a Bruton's tyrosine kinase, or BTK, inhibitor for treating a group of rare skin disorders called pemphigus.

PRN1008 is also being studied as a treatment for immune thrombocytopenic purpura, a disorder that can lead to easy or excessive bruising and bleeding.