Mineralys Therapeutics sets IPO terms, which could value the HPV treatment company at nearly $600 million

Mineralys Therapeutics Inc.
MLYS,

has set terms for its initial public offering, in which the Pennsylvania-based hypertension treatment company looks to raise up to $160 million. the company is offering 10 million shares in the IPO, which is expected to price between $14 and $16 a share. With 37.06 million shares outstanding expected after the IPO, the expected pricing could value the biopharmaceutical company at up to $592.9 million. The stock is expected to list on the Nasdaq exchange under the ticker symbol “MLYS.” BoA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities are the underwriters. The company reported a net loss of $20.7 million on no revenue in the nine months ended Sept. 30, after a loss of $12.3 million on no revenue in the same period a year ago. The company is looking to go public at a time when investors appear to be warming up to IPO stocks, as the iShares Biotechnology exchange-traded fund
IBB,
+0.12%
has gained 7.2% over the past three months, while the Renaissance IPO ETF
IPO,
+3.46%
has run up 12.6% and the S&P 500
SPX,
+1.05%
has climbed 9.6%.