NSAID developer Iroko Pharmaceuticals sets terms for $101 million US IPO
Iroko Pharmaceuticals, a drug company focused on the development of NSAID therapeutics for patients with acute and chronic pain, announced terms for its IPO on Thursday. The Philadelphia, PA-based company plans to raise $101 million by offering 6.5 million shares at a price range of $14 to $17. At the midpoint of the proposed range, Iroko Pharmaceuticals would command a fully diluted market value of $503 million.
Iroko Pharmaceuticals, which was founded in 2012 and booked $10 million in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol IRKO. Iroko Pharmaceuticals initially filed confidentially on March 1, 2013. Jefferies, William Blair and Canaccord Genuity are the joint bookrunners on the deal.