Sleep apnea pill developer Apnimed targets $608 million valuation in US IPO

July 27 — Late-stage drug developer Apnimed is targeting a valuation of ​up to $608 million in its initial public offering in the United States.

The sleep apnea pill ‌developer is seeking to raise up to $160 million by offering 10 ⁠million shares priced between $14 ​and $16 apiece, a regulatory ⁠filing showed on Monday.

Here are some more details:

• ‌Founded in 2017, ‌Apnimed is a clinical-stage company focused on developing ⁠oral medicines to treat ⁠obstructive sleep apnea and related disorders.

• The company's lead drug candidate, AD109, is a once-daily pill taken at bedtime.

• It intends to use the IPO proceeds for the regulatory approval process, commercial launch, ‌and to fund other research ​and development activities for additional products it may choose to develop in future.

• The company counts Japanese pharmaceutical company Shionogi & Co as a backer.

• BofA Securities, Evercore ISI, Cantor and LifeSci Capital are the underwriters for the offering. The U.S. company ​intends to list its shares on Nasdaq under the ‌symbol "APMD."

• Biotech ‌IPOs ⁠have rebounded after hitting their lowest level in more than a decade in 2025 as fresh capital flows back into the industry.

• Obstructive sleep apnea is a ‌condition in which ​the airway repeatedly collapses during ‌sleep, lowering oxygen ⁠levels and ​disrupting breathing.

(Reporting by Pragyan Kalita in Bengaluru; Editing by ​Harikrishnan Nair)

Related topics