RedHill hopes to complete the IPO within two weeks, which would make it the first biomed company to go public on the TASE this year.
RedHill Biopharma Ltd. has joined IceCure Ltd. in filing a draft prospectus for an IPO on the Tel Aviv Stock Exchange (TASE). RedHill plans to raise NIS 35 million at a company value of NIS 150-170 million.
RedHill hopes to complete the IPO within two weeks, which would make it the first biomed company to go public on the TASE this year. During the fourth quarter of 2010, several biomed companies cancelled or postponed TASE IPOs, including CheckCap Ltd., Rosetta Green Inc., Pharma Two B Ltd., and Anima Cell Metrology Ltd. More than ten biomed companies are planning IPOs this year, including Quark Pharmaceuticals Inc., which is planning the largest IPO in the first quarter: raising $20-40 million on Wall Street at a company value of $250 million.
RedHill, founded in 2009, has a unique business model. It locates distress drug development companies, and buys drugs in late development stages at bargain basement prices. The company has six drugs in its pipeline.
Published by Globes [online], Israel business news - www.globes-online.com - on January 9, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011