BioVie's liver disease business spin-off Option Therapeutics (OPTN.US) launches US stock IPO.

On January 26, 2026, Option Therapeutics (OPTN.US), a biotechnology company focused on liver disease and in clinical phase II, submitted an application to the U.S. Securities and Exchange Commission (SEC) with plans to raise up to 25 million USD through an initial public offering (IPO). According to the terms disclosed in the prospectus, Option Therapeutics plans to issue 2.3 million shares of common stock in the price range of $10 to $12 per share. The total issued share capital of the company was not disclosed. It is understood that the company was spun off from the liver disease division of the clinical-stage biotechnology company BioVie. Headquartered in Carson City, Nevada, the company focuses on developing candidate therapeutic drugs to treat life-threatening liver diseases. Its core product BIV201 is being evaluated for the treatment of advanced liver cirrhosis-related complications and is in patent-pending status in the United States, China, Japan, Chile, and India. Option Therapeutics has not generated any revenue yet. With the previous Fast Track Designation from the FDA for BIV201, the funds raised from this IPO will be prioritized to support the pivotal phase III clinical trials of the candidate drug. The background of this spin-off is due to BioVie's recent strategic focus on neurodegenerative diseases, particularly Alzheimer's and Parkinson's disease research. In order to maximize shareholder value and provide more flexible financing options for the liver disease pipeline, BioVie decided to separate the liver disease division into Option Therapeutics. In terms of equity structure and governance, after the completion of the IPO, Option Therapeutics' parent company, BioVie, will retain majority voting rights and control, making it qualify as a "controlled company" under listing rules. This structure ensures that research resources can operate independently while maintaining strategic synergy with the parent company. Established in 2025, Option Therapeutics plans to list on NYSE American with the stock symbol OPTN. ThinkEquity will serve as the sole bookrunner for this transaction.