Summit Therapeutics, which is developing novel treatments for a genetic disorder and a bacterial infection, announced terms for its IPO on Friday. The company currently trades in London on the AIM under the listing code SUMM.
The Abingdon, United Kingdom-based company plans to offer 3.5 million ADSs. At the currently-traded price, it would raise $40 million at a diluted market value of $138 million.
Summit Therapeutics, which was founded in 2003 and booked $3 million in sales for the 12 months ended October 31, 2014, plans to list on the NASDAQ under the symbol SMMT. JMP Securities and Oppenheimer are the joint bookrunners on the deal. It is expected to price in early March.
The article Biotech Summit Therapeutics sets terms for $40 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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