Biotech Tetraphase Pharmaceutical sets terms for $75 million IPO
Tetraphase Pharmaceuticals, a biotech creating antibiotics to treat life-threatening multi-drug resistant infections, announced terms for its IPO on Tuesday. The Watertown, MA-based company plans to raise $75 million by offering 6.8 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Tetraphase Pharmaceuticals would command a market value of $176 million.
Tetraphase Pharmaceuticals, which booked $8 million in sales for the 12 months ended 12/31/2012, plans to list on the NASDAQ under the symbol TTPH. Barclays and BMO Capital Markets are the joint bookrunners on the deal.
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