Pulmonary fibrosis biotech Avalyn Pharma files for a $100 million IPO
April 30, 2026 News
Pulmonary fibrosis biotech Avalyn Pharma prices upsized IPO at $18, the high end of the range
Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, raised $300 million by offering 16.7 million shares at $18, the high end of the $16 to $18 range. The company originally filed to offer 11.8 million shares at $16 to $18, before it increased the share offering on 04/29. At pricing, the company commands a fully diluted market value of $813 million.
April 29, 2026 News
Pulmonary fibrosis biotech Avalyn Pharma increases shares offered by 41% ahead of $283 million IPO
Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, raised the proposed deal size for its upcoming IPO on Wednesday.
The Boston, MA-based company now plans to raise $283 million by offering 16.7 million shares at a price range of $16 to $18. The company had previously filed to offer 11.8 million shares at the same range. At the midpoint, Avalyn Pharma will raise 41% more in proceeds than previously anticipated.
April 23, 2026 News
Pulmonary fibrosis biotech Avalyn Pharma sets terms for $201 million IPO
Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, announced terms for its IPO on Thursday.
The Boston, MA-based company plans to raise $201 million by offering 11.8 million shares at a price range of $16 to $18.
IPO Overview
Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its lead candidates, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib, respectively, designed to deliver approved antifibrotic drugs directly to the lungs to improve local drug exposure while reducing systemic side effects. AP01, which targets idiopathic pulmonary fibrosis （IPF） and progressive pulmonary fibrosis （PPF）， has completed the ATLAS Phase 1b trial, with participating patients transitioning into an ongoing open-label extension study that also includes additional IPF and PPF cohorts. AP02 is being developed as an inhaled version of nintedanib for pulmonary fibrosis indications, expanding the company’s pipeline across the two most widely used antifibrotic mechanisms.
The Boston, MA-based company was founded in 2011 and plans to list on the Nasdaq under the symbol AVLN. Avalyn Pharma filed confidentially on February 6, 2026. Morgan Stanley, Jefferies, Evercore ISI, and Guggenheim Securities are the joint bookrunners on the deal.
About the Company
We are a clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment paradigm of serious, rare respiratory diseases with significant unmet needs. Our approach is designed to address the limitations of current oral therapies by delivering optimized inhaled formulations of approved oral medicines directly to the lungs to enhance efficacy and minimize systemic exposure that contributes to side effects and treatment discontinuation. Our current pipeline is focused on treating pulmonary fibrosis, a life-threatening disease with a median survival of three to five years, which is a significantly shorter prognosis than that observed for many forms of cancer. Pulmonary fibrosis is characterized by scarring of the lungs, which can lead to a decline in lung function, progressive shortness of breath, and increased mortality risk. There are currently three approved oral antifibrotic therapies for pulmonary fibrosis: pirfenidone （ESBRIET）， nintedanib （OFEV）， and nerandomilast （JASCAYD）。 Our most clinically advanced candidates, AP01 and AP02, are inhaled formulations of pirfenidone and nintedanib for the treatment of progressive pulmonary fibrosis and idiopathic pulmonary fibrosis. We have completed ATLAS, a Phase 1b clinical trial of AP01 in patients with IPF. Patients from ATLAS transitioned into an ongoing open-label extension, or OLE, trial, along with cohorts of patients with IPF and PPF.