89bio (ETNB) IPO Opens 25% Higher

Today's IPO for 89bio, Inc. (NASDAQ: ETNB) opened for trading at $20 after pricing 5,304,687 shares of common stock at a public offering price of $16.00 per share.

In addition, 89bio has granted the underwriters a 30-day option to purchase up to an additional 795,703 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

BofA Securities, SVB Leerink and RBC Capital Markets are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as co-manager for the offering.

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. 89bio’s lead product candidate, BIO89-100, is being developed for the treatment of nonalcoholic steatohepatitis, or NASH. 89bio also intends to develop BIO89-100 for the treatment of severe hypertriglyceridemia. BIO89-100 is a specifically engineered glycoPEGylated analog of FGF21 that is currently in a proof of concept Phase 1b/2a clinical trial in patients with NASH or nonalcoholic fatty liver disease and a high risk of NASH. 89bio is headquartered in San Francisco with operations in Herzliya, Israel

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