Hypertension biotech Reata Pharmaceuticals sets terms for $60 million IPO



(Renaissance Capital) Reata Pharmaceuticals, which is developing therapies to treat life-threatening forms of pulmonary hypertension, announced terms for its IPO on Monday.

The Irving, TX-based company plans to raise $60 million by offering 4.0 million shares at a price range of $14 to $16. Insiders intend to purchase $45 million worth of shares (75%) in the offering. At the midpoint of the proposed range, Reata Pharmaceuticals would command a fully diluted market value of $300 million. Novo A/S is the company's top shareholder.

Reata Pharmaceuticals was founded in 2002 and booked $50 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol RETA. Citi, Cowen & Company and Piper Jaffray are the joint book runners on the deal. It is expected to price during the week of May 23, 2016.


Share on Google Plus

About Jessica Hornberger

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.
    Blogger Comment
    Facebook Comment