Mediwound begins trading on Nasdaq, raises $70m

The burns and wounds treatment developer issued 5 million shares at $14 each.

Burns and wounds treatment developer Mediwound will begin trading on the US Nasdaq market today. Clal Biotechnology Industries Ltd. (TASE: CBI), which holds a controlling 63% stake in Mediwound today notified the Tel Aviv Stock Exchange about the pricing of the IPO yesterday.

According to the prospectus that will be published later today, Mediwound offered 5 million shares at $14 each to raise $70 million, at the lower end of the price range it had planned. Due to high demand, Israeli traders received only 10% of the shares they had ordered. After the IPO, Clal Biotechnology is left with a 48% holding in Mediwound, (43% after full dilution).

Credit Suisse Securities LLC, Jefferies, BMO Capital Markets and Oppenheimer & Co. are the underwriters. They will be offered the option to purchase 750,000 additional regular shares at $14, which can be realized no later than 30 days from the IPO. This would bring the IPO to $80.5 million.

MediWound's shares will begin trading Thursday under the MDWD ticker with the IPO to be completed no later than next Tuesday March 25.

Published by Globes [online], Israel business news - - on March 20, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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