Aratana Therapeutics, which is developing medications for cats and dogs based on therapies for humans, lowered the proposed deal size for its upcoming IPO. The deal was originally scheduled to price June 12, 2013, but was postponed last week due to poor market conditions. The Kansas City, KS-based company now plans to raise $33 million by offering 5.5 million shares at $6 per share. The company had previously filed to offer 4.3 million shares at a range of $11 to $13. At the revised price and share count, Aratana Therapeutics will raise 35% fewer proceeds than previously anticipated.
Aratana Therapeutics, which was founded in 2010, plans to list on the NASDAQ under the symbol PETX. Stifel and Lazard Capital Markets are the joint bookrunners on the deal. It is expected to price tonight.
