Valeritas, which markets a disposable device that delivers basal-bolus insulin therapy for Type 2 diabetes, announced terms for its IPO on Monday.
The Bridgewater, NJ-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Valeritas would command a fully diluted market value of $241 million.
Another pump maker, Asante Solutions (PUMP), had planned to go public in February but postponed its IPO. Peer Tandem Diabetes Care (TNDM) fell by more than 50% in 2014, but has traded up 7% this year.
Valeritas, which was founded in 2006 and booked $13 million in sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol VLRX. Piper Jaffray and Leerink Partners are the joint bookrunners on the deal. It is expected to price during the week of March 16, 2015.
