Biotech Pliant Therapeutics pulls off $144M IPO to advance fibrosis pipeline

June 3, 2020

Another day, another IPO. Pliant Therapeutics raised $144 million in its upsized Wall Street debut—a cash infusion that will propel its lead asset through midstage trials in fibrotic liver and lung diseases and support the preclinical development of its earlier-stage programs.

The fibrosis player originally filed to raise $86 million in its IPO last month and doubled its share offering on Tuesday. It also picked up $10 million in a private placement from its partner, Novartis, which ponied up $80 million in October for a license to Pliant’s preclinical nonalcoholic steatohepatitis (NASH) treatment. All told, the company expects the proceeds to carry it into 2023.

Full news article here.