Mapi Pharma sets terms for $50m Nasdaq IPO
The Israeli enhanced generics company is developing a delayed released version of Copaxone.
Israeli drug developer Mapi Pharma has set terms for a $50 million Nasdaq IPO at a company value of $194 million and is expected to price the offering next week. The Ness Ziona based company is developing extended-release formulations of existing drugs including Teva’s multiple sclerosis treatment Copaxone.
Mapi Pharma is offering 3.1 million shares at a price range of $15 to $17. The company previously filed in 2014 and 2015 for an IPO but postponed its offering but is now going ahead despite the difficult market conditions.
Mapi Pharma was founded in 2008 and reported $1 million revenue for the financial year ending September 30, 2015. It plans to list on the Nasdaq under the MAPI ticker. JMP Securities is the sole book-runner on the deal.
Mapi Pharma’s delayed release Copaxone, the company’s leading product, can be injected once a month, instead of the daily or three times a week (depending on the dosage) administering required by Teva’s original version. Mapi’s version is in a Phase II clinical trial. The company is also developing versions of Pfizer’s Lyrica drug and Johnson & Johnson’s Risperdal Consta. Both are in the pre-clinical state.