<div id="readability-page-1"><div><p>Avalyn Pharma, a Phase 2 biotech developing inhaled medicines for rare respiratory diseases, announced terms for its IPO on Thursday.</p><p>The Boston, MA-based company plans to raise $201 million by offering 11.8 million shares at a price range of $16 to $18. </p><p>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.</p><p>Avalyn Pharma was founded in 2011. It plans to list on the Nasdaq under the symbol AVLN. Morgan Stanley, Jefferies, Evercore ISI, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price the week of April 27, 2026.</p></div></div>

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<p>Pulmonary fibrosis biotech Avalyn Pharma sets terms for $201 million IPO</p>

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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Pulmonary fibrosis biotech Avalyn Pharma sets terms for $201 million IPO