Ardelyx, a US-based developer of treaments for metabolic disorders, has filed for an initial public offering that could secure it up to $69m.
Pharmaceutical company Amgen holds a 6% stake in Ardelyx, having contributed to a $30m series B round in 2011 that also featured existing investors New Enterprise Associates and CMEA Capital. Ardelyx previously raised $29.5m in 2008.
NEA is the company’s largest shareholder with a 45.9% stake, while CMEA owns 28.7%.
Ardelyx develops therapeutics to treat kidney and gastrointestinal diseases. It plans to invest $15m to $20m of the proceeds to advance work on its preclinical drug candidates.
Additional capital could go to expanding the developments of its APECCS cell-culture system, or to acquire an increase on royalties from AstraZeneca for Tenapanor, its lead product.
Citigroup Global Markets and Leerink Partners are serving as joint book-running managers for the IPO, while JMP Securities and Wedbush Securities are acting as the other underwriters.