Gemphire Therapeutics, which is developing therapies for the cardiovascular disease dyslipidemia, announced terms for its IPO on Monday.
The Northville, MI-based company plans to raise $45 million by offering 3.8 million shares at a price range of $11 to $13. Insiders intend to purchase $10 million worth of shares in the offering (22%). At the midpoint of the proposed range, Gemphire Therapeutics would command a fully diluted market value of $113 million.
The company is primarily owned by management and Pfizer (NYSE: PFE).
Gemphire Therapeutics was founded in 2008 and plans to list on the Nasdaq under the symbol GEMP. Jefferies and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 20, 2016.
