Surgical infection biotech PolyPid sets terms for $75 million IPO
PolyPid, which is developing extended-release drugs to prevent surgical site infections, announced terms for its IPO on Wednesday.
The Petach Tikva, Israel-based company plans to raise $75 million by offering 3.33 million shares at a price range of $21 to $24. Insiders intend to purchase $20 million worth of shares in the offering. At the midpoint of the proposed range, PolyPid would command a fully diluted market value of $370 million.
PolyPid was founded in 2008 and booked n/a in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol POLY. Goldman Sachs, Cowen & Company and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price in March 2018.
The article Surgical infection biotech PolyPid sets terms for $75 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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