UroGen Pharma raises $58.2m in Nasdaq IPO

Arie Belldegrun Photo: PR
Arie Belldegrun Photo: PR

The Israeli urological cancer treatment developer raised 20% more than planned.

Israeli urological cancer treatment developer UroGen Pharma (formerly Theracoat) raised $58.2 million in its Nasdaq IPO, 20% above the planned amount. The Ra'anana-based company raised the money by offering 4,473,373 shares at $13 per share, giving UroGen a valuation of $150 million, after money. Urogen is trading under the URGN ticker.

In addition, UroGen Pharma granted the underwriters a 30-day option to purchase up to an additional 671,005 ordinary shares. The offering is expected to close on or about May 9 2017, subject to customary closing conditions.

Jefferies LLC and Cowen and Company, LLC acted as joint book-running managers for the offering. Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are acting as co-managers for the offering.

UroGen Pharma was founded in 2004 at the Granot Ventures incubator by Prof. Asher Holzer. The main shareholders are Mori Arkin's Arkin Holdings (21%), Pontifax fund (16.7%), US life science fund ProQuest Investments (10.2%), Swiss oncological pharma developer Telormedix (8.4%) and Australian investment company Tatham Investments (5.1%). Chaim Hurvitz's CHealth was one of the first investors in the company.

The Israeli company is headed by two figures already well known on Wall Street. UroGen's CEO is Ron Bentsur, former CEO of NASDAQ-traded XTL and Keryx while its chairman is urologist Prof. Arie Belldegrun, who founded Kite Pharma, traded on Nasdaq at a company value of $4.3 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Arie Belldegrun Photo: PR
Arie Belldegrun Photo: PR
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