NovoCure, which markets a wearable electric field device for treating glioblastoma brain cancer, announced terms for its IPO on Monday.
The St Helier, Jersey-based company plans to raise $344 million by offering 12.5 million shares (40% insider) at a price range of $26 to $29. At the midpoint of the proposed range, NovoCure would command a fully diluted market value of $2.6 billion.
NovoCure, which was founded in 2000 and booked $20 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol NVCR. J.P. Morgan, Deutsche Bank and Evercore Partners are the joint bookrunners on the deal. It is expected to price during the week of September 28, 2015.
