Hyperion Therapeutics, a biotech focused on the treatment of urea cycle disorders and hepatic encephalopathy, announced terms for its IPO on Friday. The South San Francisco, CA-based company plans to raise $50 million by offering 4.2 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Hyperion Therapeutics would command a market value of $187 million.
The company's lead candidate, Ravicti, is under FDA review and is expected to launch in the first half of 2013. Venture capital backers, which are expected to buy $22 million of the offering, include Sofinnova Venture Partners (16% post-IPO stake), New Enterprise Associates (16%), Highland Capital Partners (14%), Bay City Capital (13%) and Panorama Capital (9%). CEO Donald Santel previously founded CoTherix, which was sold to Actelion for $420 million in 2007.
Hyperion Therapeutics, which was founded in 2006, plans to list on the NASDAQ under the symbol HPTX. Leerink Swann and Cowen & Company are the joint bookrunners on the deal.
