With Btk program bound for Phase III, Principia seeks IPO

Principia Biopharma Inc. (South San Francisco, Calif.) proposed late Friday to raise $86.3 million in an IPO on NASDAQ and revealed that it raised $49.7 million in a series C round this month. Underwriters are BofA Merrill Lynch, Leerink, Wells Fargo and Baird.

Principia uses its Tailored Covalency platform to develop small molecule reversible or irreversible covalent inhibitors that it believes will provide the potency of IV biologics with the convenience of oral therapeutics (see "Principia: Reversing Covalency")...