Israeli urological cancer treatment developer UroGen Pharma (formerly Theracoat) has announced terms for its Nasdaq IPO. The Ra'anana-based company plans to raise $45 million by offering 3.5 million shares at a price range of $12 to $14, which would give UroGen a valuation of $166 million, at the midrange. The IPO will likely take place on Thursday and Urogen will trade under the URGN ticker.
Insiders will reportedly purchase $20 million worth of shares in the offering. The company had revenue of $18 million in 2016.
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.
Jefferies, Cowen & Company, Raymond James and Oppenheimer & Co. are the joint bookrunners on the deal.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2017
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