Jaguar Animal Health, which is developing an animal formulation of its parent's approved diarrhea treatment, postponed its IPO on Wednesday. The company planned to raise $40 million by offering 5.0 million shares at a price range of $7 to $9. At the midpoint, it would have commanded a fully diluted market cap of $86 million.
Investors could have been concerned that Jaguar's performance would follow that of 2014's other pet biotech, Parnell Pharmaceuticals (PARN), down 51% from the offer price. Another pet-focused IPO, Freshpet (FRPT), is set to price its $135 million offering later this week.
Founded in 2013, the San Francisco, CA-based company had planned to list on the NASDAQ under the symbol JAGX. BMO Capital Markets and Guggenheim Securities were set to be the joint bookrunners on the deal.
