Avalyn Pharma targets $182M IPO as WHO prequalifies Novartis malaria drug

Avalyn Pharma announced plans for an initial public offering that could raise about $182 million in net proceeds. The company is developing inhaled formulations of drugs already approved for pulmonary fibrosis.

The biotech expects to price the IPO to achieve the projected proceeds, which would fund further development of its inhaled pipeline and expand its commercial capabilities.

In separate news, the World Health Organization has granted prequalification status to Novartis' malaria treatment, clearing a regulatory hurdle that could facilitate broader distribution in endemic regions.