Attovia Therapeutics raises $289 million in IPO to fund antibody-drug research for skin and inflammatory diseases

Attovia Therapeutics completed an IPO raising $289 million, selling 17 million shares at $17 each and valuing the company at $767 million. Shares will begin trading on Nasdaq under the ticker ATTO.

The proceeds will fund the company’s antibody-drug platform, derived from Alamar Biosciences' Attobody technology, which aims to bind hard-to-reach targets.

The funding backs Phase 1 testing of ATTO-1310, a drug that targets the itch cytokine IL-31, as well as five preclinical candidates for inflammatory and respiratory diseases.

The offering makes Attovia the 12th biotech this year to raise at least $250 million, a level not seen since the pandemic peak.