Apnimed, a clinical-stage biopharmaceutical company specializing in oral medicines for obstructive sleep apnea (OSA), has filed for an initial public offering (IPO) on the Nasdaq Global Market. The company will trade under the ticker symbol "APMD." BofA Securities has been appointed as the lead underwriter for the offering, with Evercore ISI, Cantor, and LifeSci Capital also participating.
The company did not disclose the number of shares it plans to sell or the anticipated price range for the offering in its filing. Currently, there is no public market for Apnimed's stock, and the completion of the IPO is contingent on the company meeting Nasdaq's listing standards. Apnimed's pipeline includes AD109, an investigational oral therapy currently in clinical trials, designed to address the neurobiology contributing to airway collapse during sleep.
In a related development, Shionogi & Co. Ltd. recently acquired Apnimed's 50% stake in their joint venture, Shionogi-Apnimed Sleep Science, LLC (SASS), for an upfront payment of $100 million. This acquisition, announced on March 24, 2026, also includes a $50 million milestone payment upon a development milestone for SASS-002 and tiered royalties on future SASS product sales. This transaction is expected to strengthen Apnimed’s focus on its lead OSA drug, AD109, with a New Drug Application (NDA) submission planned for Q2 2026. Prior to this, in 2023, Apnimed licensed rights to AD109 from Harvard and raised $260 million from investors, including Morningside, Alpha Wave Global, and Sectoral Asset Management, securing a valuation of approximately $400 million.
