Parnell Pharmaceuticals drops proposed IPO price to $10 and increases shares offered
Parnell Pharmaceuticals, an Australian maker of osteoarthritis and reproductive drugs for dogs, horses and cows, lowered the proposed deal size for its upcoming IPO on Wednesday. The company now plans to raise $50 million by offering 5.0 million shares at $10 per share. The company had previously filed to offer 3.6 million shares at a range of $17 to $19. At the midpoint of the revised range, Parnell Pharmaceuticals will raise 23% fewer proceeds than previously anticipated.
Parnell Pharmaceuticals, which was founded in 1986 and booked $9 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol PARN. 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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