We advised the underwriters on the IPO

Davis Polk advised the representatives of several underwriters in connection with the $300 million initial public offering of 16,666,667 shares of common stock of Avalyn Pharma Inc. The underwriters have a 30-day option to purchase up to an additional 2,500,000 shares of common stock from the company. The common stock is listed on the Nasdaq Global Select Market under the symbol “AVLN.”

Avalyn aims to transform the treatment paradigm for pulmonary fibrosis and other serious, rare respiratory diseases. The company is advancing optimized inhaled formulations of established antifibrotic medicines designed to deliver drug directly to the lungs, enhance local efficacy and reduce systemic side effects.

The Davis Polk capital markets team included partners Richard D. Truesdell Jr. and Yasin Keshvargar and associates Jakub P. Jozwiak, Xuanling Xu and Amie Kim. Partner David R. Bauer and associate Gabrielle Mazero provided intellectual property advice. Counsel Danielle Rapaccioli and associate Hunter P. Shaw provided tax advice. All members of the Davis Polk team are based in the New York office.

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