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AstraZeneca spinout Viela Bio sets IPO price to raise about $150M

AstraZeneca PLC's spinout Viela Bio Inc. will offer 7.5 million common shares in its upcoming IPO on the Nasdaq to raise about $150 million.

The Gaithersburg, Md.-based biotechnology company has applied to list its shares under the symbol VIE and expects the per-share price for the offering to be between $19 and $21. It has also granted the underwriters an overallotment option to purchase up to an additional 1,125,000 shares.

Viela Bio researches and develops treatments for severe inflammation and autoimmune diseases. The company's lead product candidate inebilizumab is being developed as an initial single therapy for neuromyelitis optica spectrum disorder, a condition affecting the optic nerve, spinal cord and brain stem that often leads to irreversible blindness and paralysis.

The company plans to use proceeds from the IPO to support the approval process and launch activities 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 VIB4920 and VIB7734 and to fund working capital and for 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 regarding the offering.