Centessa Pharmaceuticals PLC has set terms for its initial public offering, as the U.K.-based biotechnology holding company seeks a valuation of up to $1.72 billion. The company said it is offering 15 million American depositary shares (ADS) in the IPO, which is expected to price between $18 and $20 a share, for proceeds of up to $300 million. The company said each ADS sold will represent one ordinary share, and it expects to have 85.92 million ordinary shares outstanding after the IPO. Centessa expects the stock to list on Nasdaq under the ticker symbol “CNTA.” Morgan Stanley, Goldman Sachs, Jefferies and Evercore ISI are listed as underwriters. The company recorded a net loss of $3.2 million and no revenue for the period from inception on Oct. 26, 2020 through Dec. 31, 2020. The company is looking to go public at a time that the Renaissance IPO ETF has shed 14.3% over the past three months, while the iShares MSCI United Kingdom ETF has gained 7.2% and the S&P 500 has tacked on 7.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.