WASHINGTON (dpa-AFX) - Pliant Therapeutics Inc. said that it has priced its initial public offering of 9 million shares at a public offering price of $16.00 per share.
In addition, Pliant has granted the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on The Nasdaq Global Select Market on June 3, 2020 under the ticker symbol 'PLRX.'
Pliant expects the gross proceeds from the initial public offering, before deducting underwriting discounts and commissions and estimated offering expenses, to be $144.0 million. The initial public offering is expected to close on June 5, 2020.
In addition, Pliant agreed to sell an additional 625,000 shares of its common stock in a concurrent private placement at $16.00 per share to one of its existing investors, Novartis Institutes for BioMedical Research Inc. The concurrent private placement is also scheduled to close on June 5, 2020.
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