Pliant Therapeutics Prices IPO At $16/shr, High End Of Its Expected Range

(RTTNews) - Pliant Therapeutics, Inc. announced the pricing of initial public offering of 9 million common shares at $16.00 per share. The company shares are expected to begin trading on Nasdaq Global Select Market on June 3, 2020 under the ticker symbol "PLRX."

The company has originally filed to sell 6.0 million shares of its common stock. Earlier on Tuesday, Pliant filed an amendment adding 3.0 million shares to the offering.

Pliant has granted the underwriters a 30-day option to buy additional 1.35 million shares at the initial public offering price, less underwriting discounts and commissions. The company expects gross proceeds from the initial public offering, before expenses, to be $144.0 million.

In addition to initial public offering, Pliant has agreed to sell additional 625,000 shares in a concurrent private placement at $16.00 per share to one of its existing investors, Novartis Institutes for BioMedical Research, Inc.

The sale of these shares of common stock will not be registered under the Securities Act of 1933, as amended, and will be subject to a 180-day lock-up agreement.

The company expects to close both initial public offering and concurrent private placement on June 5, 2020.