Avalyn Pharma Inc. (NASDAQ: AVLN) priced its upsized initial public offering at $18.00 per share for 16,666,667 shares of common stock, according to a company statement. The biopharmaceutical company expects to raise $300 million in gross proceeds before deducting underwriting discounts, commissions and offering expenses.

The Boston-based company granted underwriters a 30-day option to purchase an additional 2.5 million shares at the IPO price, minus underwriting discounts and commissions. Shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026, under the ticker symbol "AVLN."

The offering is scheduled to close on May 1, 2026, subject to customary closing conditions. Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities serve as joint book-running managers for the offering.

Avalyn develops inhaled therapies for rare respiratory diseases. The company's AP01 program involves an inhaled formulation of pirfenidone currently in a Phase 2b clinical trial for progressive pulmonary fibrosis. Its AP02 program features an inhaled formulation of nintedanib in Phase 2 trials for idiopathic pulmonary fibrosis.

The Securities and Exchange Commission declared the registration statement for the offering effective on April 29, 2026. The company stated the offering will be conducted solely through a prospectus.