The biotech IPO frenzy continues! Goldman Sachs Group, Inc. is raising $289 million for the immunotherapy newcomer Attovia (ATTO.US), which will begin trading on NASDAQ tonight.

Attovia Therapeutics Inc. (ATTO.US), an early biotech company focused on autoimmune diseases and dedicated to meeting significant unmet clinical needs, successfully priced its initial public offering (IPO) in the U.S. at the upper end of the price range, raising $289 million. According to the announcement, the biotech firm based in San Carlos, California, issued 17 million shares at a price of $17 per share. Earlier in the day, the company had expanded the size of its offering. Based on previously submitted regulatory documents, Attovia had initially planned to issue 12.5 million shares at a price of $15 to $17 per share. At the IPO price, based on the total number of outstanding shares listed in the filing, Attovia's market capitalization is approximately $731.5 million. The filing indicates that Attovia is conducting drug development based on a technology platform and patents licensed from Alamar Biosciences Inc. (ALMR.US). As of March 31, the company has raised a total of $255.8 million from investors, including affiliated institutions of Goldman Sachs Group, Inc., as well as notable investment firms like Deep Track Capital, Frazier Life Sciences, and venBio. Alamar, a medical device manufacturer focused on protein research and disease detection, spun off Attovia as an independent company in 2023 and continues to be one of its shareholders. Alamar itself raised $219.9 million in its IPO, and since its listing in April, its stock price has increased by over 59%. In terms of its development pipeline, Attovia has a drug targeting interleukin-31 that has completed its Phase I clinical trial dosing; it also has another drug targeting interleukin-13, which is expected to enter clinical trials in the first half of next year. This year, the IPO performance in the biotech and pharmaceutical sectors has been impressive, with several new stocks leading the way. Among them, Veradermics Inc. (MANE.US), which specializes in treating hair loss, has seen its share price soar 531% since its listing in February, while Hemab Therapeutics Inc. (COAG.US), focused on blood disorders, has recorded a 158% increase since its debut in May. The lead underwriters for Attovia's IPO are Morgan Stanley, Leerink Partners, Citigroup, and the Royal Bank of Canada. The company's stock is expected to begin trading on the NASDAQ Global Market this Wednesday, with the ticker symbol "ATTO."