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Pain treatment biotech Egalet sets terms for $42 million IPO

By: Renaissance Capital
Posted: 1/23/2014 7:37:00 AM
Referenced Stocks: EGLT

Egalet, which is developing abuse-deterrent oral products for the treatment of pain, announced terms for its IPO on Thursday. The Malvern, PA-based company plans to raise $42 million by offering 3.5 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Egalet would command a market value of $167 million.

Egalet, which was founded in 1995, plans to list on the NASDAQ under the symbol EGLT. Egalet initially filed confidentially on September 17, 2013. Stifel and JMP Securities are the joint bookrunners on the deal.