Teva-Linked Biotech Company 89Bio Files for Nasdaq IPO
Israel and San Francisco-based 89Bio raised a $60 million series A in October 2018
89Bio Ltd., a company created in 2018 by former Teva Pharmaceutical Industries Ltd. executives and based on biologic and small molecule drug candidates acquired from Teva, has filed on Friday for a Nasdaq initial public offering under the ticker ETNB. The company is looking to raise as much as $70 million with BofA Securities Inc., SVB Leerink LLC, RBC Capital Markets LLC, and Oppenheimer & Co. Inc. as the underwriters, according to a U.S. Securities and Exchange Commission (SEC) filing.
Based in central Israeli city Herzliya and in San Francisco, clinical-stage 89Bio develops treatments for liver and metabolic disorders. The company raised a $60 million series A in October 2018, led by New York-based healthcare investment firm OrbiMed Advisors LLC and its Israeli venture arm, which founded 89Bio, and Menlo Park-based Longitude Capital Management Co.
89Bio intends to use the IPO proceeds for clinical development, manufacturing and scaling up its operations, and general corporate purposes.