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AstraZeneca spinout Viela Bio raises $172.6M in IPO

AstraZeneca PLC spinout Viela Bio Inc. raised about $172.6 million in gross proceeds from its IPO on the Nasdaq Global Select Market.

The Gaithersburg, Md.-based biotechnology company sold 9,085,000 common shares at $19 apiece. This includes 1,185,000 additional shares purchased by the underwriters as part of their overallotment option.

The company previously said it intends to use the net proceeds from the IPO to cover the costs of clinical trials and approval process for its drug inebilizumab. Funds will also be used to develop Viela Bio's other product candidates VIB4920 and VIB7734, for working capital and general corporate purposes.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Cowen and Co. LLC were the joint book-running managers, while Guggenheim Securities LLC served as the lead manager for the IPO.