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Kiniksa Pharmaceuticals seeks to raise up to $131M in IPO

Kiniksa Pharmaceuticals Ltd. is looking to sell 7 million class A common shares in its IPO, which will be priced at between $17 per share and $19 per share.

The company estimates that the net proceeds from the IPO will be about $113.4 million at a price of $18 per share. However, if the underwriters fully exercise their option to buy 1,050,000 additional shares, the net proceeds are estimated to be about $131 million.

The Hamilton, Bermuda-based clinical stage company has applied to list its shares on the Nasdaq Global Market under the symbol KNSA.

Kiniksa plans to use the net proceeds to develop its clinical-stage product candidates including rilonacept, which is in phase 2 trials to treat recurrent pericarditis, a debilitating inflammatory cardiovascular disease. The company may also use the proceeds to fund other research and development activities and for working capital and general corporate purposes.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, JMP Securities LLC and Wedbush Securities Inc. are acting as underwriters for the offering.

Kiniksa is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutic medicines for patients with debilitating diseases with significant unmet medical need.