Enhanced generics biotech Mapi-Pharma sets terms again for $50 million IPO

Enhanced generics biotech Mapi-Pharma sets terms again for $50 million IPO

Mapi-Pharma, which is developing extended-release formulations of existing drugs and generics, announced terms for its IPO on Friday.

The Ness Ziona, Israel-based company plans to raise $50 million by offering 3.1 million shares (10% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Mapi-Pharma would command a fully diluted market value of $194 million. 

The company originally filed in March 2014 for a $49 million IPO with Aegis Capital listed as the sole bookrunner. After decreasing the shares offered and cutting its deal size multiple times, Mapi-Pharma postponed the IPO in July 2014.

Mapi-Pharma was founded in 2008 and booked $1 million in sales for the 12 months ended September 30, 2015. It plans to list on the Nasdaq under the symbol MAPI. JMP Securities is the sole bookrunner on the deal. It is expected to price during the week of February 1, 2016.

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