Credit: Shutterstock photoParnell Pharmaceuticals, which develops drugs for production and companion animals, announced terms for its IPO on Monday. The Alexandria, Australia-based company plans to raise $65 million by offering 3.6 million shares (10% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Parnell Pharmaceuticals Holdings would command a fully diluted market value of $207 million. The company's two products increase reproductive efficiencies in cattle and treat osteoarthritis in dogs.
Parnell Pharmaceuticals Holdings, which was founded in 1986 and booked $12 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol PARN. It initially filed confidentially on March 26, 2014. Jefferies and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of June 16, 2014.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
