Boulder’s Nivalis Therapeutics sets price range for initial public offering

BOULDER – Nivalis Therapeutics Inc., filed paperwork with the Securities and Exchange Commission Wednesday indicating that its planned initial public offering could grow as large as $74 million.

Boulder-based Nivalis, which earlier this year changed its name from N30 Pharmaceuticals, is a clinical-stage company that is developing drug candidates for the treatment of cystic fibrosis.

Nivalis officials originally filed a form S-1 indicating their plans for an IPO last month, estimating it to be $60 million in size but not disclosing the number of shares or price range involved.

Wednesday’s filing states that the company and its stockholders are seeking to sell 4,285,714 shares for between $13 and $15 per share. At the midpoint of $14, the offering would yield $60 million. However, the underwriters have the option to purchase up to an additional 642,857 shares. If all of those shares were purchased, it would raise the IPO to $69 million at the midpoint of the selling range.

At the $15 high end of the range, with underwriters exercising their options to purchase all additional shares, the IPO would yield more than $73.9 million.

Nivalis is planning to list its stock on the Nasdaq Global Market under the ticker symbol NVLS.

The company had previously stated that cash from the IPO would be used to continue development of lead drug candidate N91115, specifically to complete a Phase 2 clinical program to assess the safety and efficacy of the drug in combination with Vertex’s lumacaftor/ivacaftor, to fund creation of a Phase 3 clinical program, and for other general corporate purposes.

The company’s largest stockholder, according to the S-1, is Deerfield Management, which as of May 31, owned 38 percent of the shares.

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