Durata Therapeutics, a acquired rights from Pfizer to a Phase 3 candidate for the treatment of skin infections, announced terms for its IPO on Monday. The Morristown, NJ-based company plans to raise $75 million by offering 6.3 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Durata Therapeutics would command a market value of $210 million.
Durata Therapeutics, which was founded in 2009 plans to list on the NASDAQ under the symbol DRTX. Durata's lead product candidate, dalbavancin, is in Phase III clinical trials and currently does not generate any revenues. BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal.
