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Cabaletta Bio prices $66.2M Nasdaq IPO

Cabaletta Bio Inc. priced its IPO of 6.8 million common shares at $11 apiece to raise about $66.2 million in net proceeds.

The biotechnology company granted the underwriters a 30-day option to buy up to an additional 1,020,000 common shares in the offering.

Cabaletta said its shares will trade on the Nasdaq Global Select Market under the CABA symbol beginning Oct. 25.

The transaction is expected to complete Oct. 29, subject to customary closing conditions.

Philadelphia-based Cabaletta is developing engineered T cell therapies for patients with B cell-mediated autoimmune diseases. The company previously said it plans to use the net proceeds primarily to further the clinical development of desmoglein 3 chimeric autoantibody receptor T cells, a potential therapy to counter a rare autoimmune disorder called mucosal pemphigus vulgaris.

Morgan Stanley, Cowen and Evercore ISI are acting as joint book-running managers for the offering.