The Nasdaq IPO of Israeli pharma company Entera Bio, which was scheduled to take place yesterday, did not go through. Entera wanted to raise $55 million at a company value of $120 million. The underwriters for the offering are Oppenheimer and Ladenburg Thalmann.
The state of the offering is now unclear, and the company will probably attempt to complete it in the coming days. The IPO is already being partially priced in shares of DNA Biomedical Solutions Ltd. (TASE: DNA), so the announcement is likely to affect the share on the TASE today. DNA Biomedical, which holds 40% of Entera Bio, has a market cap of NIS 62 million.
Entera Bio is developing an orally administered drug to replace treatment by injectable for a rare disease called Parathyroid Hormone (PTH) and an orally administered drug to replace an injection for osteoporosis. The trial for the PTH drug is schedule to begin this year, and the proceeds from the IPO are earmarked mainly for this purpose.
Entera Bio considered a Nasdaq IPO as early as 2015, but this is the first time that it has reached the stage of publishing a complete prospectus and making an actual offering.
Entera Bio's main shareholders are DNA Biomedical (40%), Centillion Fund (20%), Capital Point Ltd. (TASE:CPTP) (12.6%), Pontifax Fund (8.3%), and Menachem Rafael (6.2%).
Published by Globes [online], Israel Business News - www.globes-online.com - on January 25, 2018
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