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AstraZeneca spinout Viela Bio prices upsized $150M IPO at lower end of range

AstraZeneca PLC spinout Viela Bio Inc. priced its upsized IPO of 7.9 million common shares at $19 each, at the lower end of the expected range.

The Gaithersburg, Md.-based biotechnology company 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 expanded the IPO from its previously announced offering size of 7.5 million common shares. It originally planned to price the offering at between $19 and $21.

Viela Bio also granted underwriters a 30-day option to buy up to an additional 1,185,000 common shares at the same price.

Gross proceeds are expected to be about $150 million.

The company previously said it 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.

The company's shares are expected to begin trading on the Nasdaq Global Select Market on Oct. 3 under the VIE ticker symbol. The IPO is expected to close on Oct. 7.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Cowen and Co. LLC are acting as the joint book-running managers for this offering, while Guggenheim Securities LLC is acting as lead manager.