Biotech Durata Therapeutics files for $86 million US IPO


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Durata Therapeutics, which acquired rights from Pfizer to a Phase 3 candidate for the treatment of skin infections, filed on Thursday with the SEC to raise up to $86 million in an initial public offering. The Phase 3 trials for dalbavancin, which is administered intravenously once a week, are expected to be completed in 2013 and product revenue could begin in 2014.

Durata boasts an experienced management team and a group of well established venture backers. CEO Paul Edick was previously CEO of GANIC Pharmaceuticals (formed in 2008 by Warburg Pincus) from 2008 to 2010 and MedPointe from 2006 until its acquisition by global pharmaceutical company Meda AB for $800 million in 2008. COO Corey Fishman served alongside Mr. Edick as CFO at MedPointe and GANIC. And Chief Medical Officer Michael Dunne, M.D. was a VP at Pfizer from 1992 to 2009. The venture backers include Domain Associates (23% pre-IPO), New Leaf Ventures (23%), Aisling Capital (21%), Sofinnova Venture Partners (17%) and Canaan Partners (14%).

The Morristown, NJ-based company, which was founded in 2009, plans to list on the NASDAQ under the symbol DRTX. BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , IPOs

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