"Bloomberg" reports that Kamada Ltd. (TASE: KMDA) has hired Morgan Stanley and Jefferies Group Inc. to arrange the sale of as much as $50 million in stock in the US, according to a person familiar with the plans.
"Bloomberg" quotes the source as saying that Kamada will soon file a prospectus with the Securities and Exchange Commission (SEC), and the proceeds will be used to develop the business. The shares will be traded on Nasdaq.
Kamada CFO Gil Efron declined to comment to "Bloomberg" about the report.
In December, Kamada confirmed in a notice to the TASE a "Globes" report from October 29 that it was considering a public offering of shares in the US.
Kamada's main shareholders are Ralf Han (16.7%) and Leon Recanati (12%), who have been with the company since it was founded in 1991. Together with CEO David Tsur, they led the company's switch from a manufacturer of proteins, which were mostly sold in emerging markets, to a company with added value products with tens of millions of dollars in sales in developed countries.
Kamada posted $51 million revenue in January-September 2012, 33% more than the $38.3 million revenue in the corresponding period of 2011. The growth, along with a forecast of $72 million revenue in 2012 as a whole, indicates that growth continued in the fourth quarter.
The company posted an operating profit of $455,000 in January-September, compared with an operating loss of $3.3 million in the corresponding period.
Published by Globes [online], Israel business news - www.globes-online.com - on January 9, 2013
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