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IPO Roundup: NASH treatment developer 89bio makes its public debut after $85M IPO

The company offered 5.3 million shares, 900,000 more than originally planned

Colorfully written IPO with arrows pointing to the letters
The company’s lead product candidate, BIO89-100, is an engineered analog of fibroblast growth factor 21 designed to treat non-alcoholic steatohepatitis

89bio Inc (NASDAQ:ETNB), a Phase 1 biotechnology company developing therapies for non-alcoholic steatohepatitis (NASH), raised $85 million in an upsized IPO following a short delay. 

Last week, the San Francisco company opted to postpone its IPO after an administrative issue arose between its auditor and the SEC.

READ: IPO Roundup: NASH treatment developer 89bio ready to go public following brief IPO delay

89bio ended up offering 5.3 million shares, 900,000 more than planned, at $16 per share, the midpoint of its $15 to $17 range.

The company’s lead product candidate, BIO89-100, is an engineered analog of fibroblast growth factor 21, which functions as an endocrine hormone-regulating carbohydrate and lipid metabolism.

89bio stock opened trading at $20 on Monday, where it remains on Wednesday, 25% above its IPO price.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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