Biotech Mapi-Pharma slashes range before IPO; valuation cut by 45%

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Mapi-Pharma, which is developing enhanced generic versions of marketed drugs such as Teva's Copaxone, lowered the proposed deal size for its upcoming IPO on Thursday. The Ness Ziona, Israel-based company now plans to raise $18 million by offering 2.3 million shares at a price of $8 per share.

The company originally filed to offer 2.9 million shares at $13 to $15, and later reduced the float to 2.7 million shares. At the midpoint of the revised range, it will raise 55% less in proceeds than previously anticipated, and should now command a fully diluted market value of $118 million.

Mapi-Pharma, which was founded in 2008, plans to list on the NASDAQ under the symbol MAPI. Aegis Capital is the sole bookrunner on the deal. No pricing date has been announced.




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




This article appears in: News Headlines , IPOs

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