Would-be Teva rival files for $49m Nasdaq IPO

Mapi-Pharma develops enhanced generic drugs, including Teva's Copaxone.

Generic drugs developer Mapi-Pharma Ltd. has filed a prospectus with the US Securities and Exchange Commission (SEC) to raise up to $49 million in an IPO on Nasdaq. The company did not disclose the terms of the pricing. It filed a confidential prospectus in February, and plans to list under the symbol MAPI.

Mapi-Pharma was founded in 2008 by chairman and CEO Ehud Marom, a former COO at Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). The company is developing enhanced generic versions of drugs, including Teva's Copaxone. The Ness Ziona-based company has subsidiaries in Europe and Asia. It is building a production plant for intermediates and active pharmaceutical ingredients (API) at Ramat Hovav and is establishing its presence in China.

Aegis Capital is the sole underwriter.

Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2014

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

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