Goldman Sachs-backed biopharmaceutical company Attovia Therapeutics has upsized its initial public offering, now aiming for a valuation of $731.5 million in its U.S. IPO. The San Carlos, California-based company plans to raise $289 million by offering 17 million shares priced at $17 apiece, a significant increase from its initial target of $212.5 million from 12.5 million shares priced between $15 and $17. This upsized offering reflects strong investor demand for biopharma listings, with the revised terms representing a 45% increase in capital raised compared to original anticipations.
Attovia, founded in 2023, develops biologic therapies for immune-mediated diseases using its ATTOBODY platform, with drug candidates targeting inflammatory skin conditions and inflammatory bowel disease. An entity affiliated with Goldman Sachs will own approximately a 5.7% stake in the company post-IPO. For the 12 months ending March 31, 2026, Attovia reported around $1 million in revenue, indicative of its early-stage operating profile.
The company intends to list on the Nasdaq Global Market under the ticker symbol "ATTO" and is on track to price its IPO during the week of August 3, 2026. The proceeds from the IPO, along with existing cash, are earmarked to advance the development of its lead drug candidates, fund ongoing research and development activities, support clinical trials, facilitate regulatory activities, enable manufacturing scale-up, and cover general corporate purposes. The offering is being underwritten by a syndicate of investment banks including Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets, and LifeSci Capital.
At the updated pricing, Attovia Therapeutics is expected to achieve a fully diluted market valuation of approximately $767 million. The substantial increase in the offering size underscores a positive market sentiment for biotech firms, enabling Attovia to secure additional financial resources to accelerate the development of its clinical pipeline and platform technology.
