Novo-Backed Respiratory Drugmaker Seeks $212.4 Million in IPO

Avalyn Pharma Inc., a biopharma company developing inhaled treatments for respiratory diseases, is seeking to raise $212.4 million in an initial public offering.

The Boston-based company plans to market 11.8 million shares for $16 to $18 each, according to its filing Thursday with the US Securities and Exchange Commission.

At the top of that range, Avalyn would have a market value of $665 million based on the outstanding shares listed in its filing.

The company’s pipeline is focused on treating pulmonary fibrosis, a disease with a median survival rate of three to five years, the filing shows.

Avalyn counts ...