Protagonist Therapeutics, which is developing peptide-based oral drugs for gastrointestinal diseases, announced terms for its IPO on Monday.
The Milpitas, CA-based company plans to raise $70 million by offering 5.8 million shares at a price range of $11 to $13. Insiders intend to purchase $40 million worth of shares in the offering. At the midpoint of the proposed range, Protagonist Therapeutics would command a fully diluted market value of $189 million.
Protagonist Therapeutics was founded in 2001 and plans to list on the Nasdaq under the symbol PTGX. Leerink Partners, Barclays and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 8, 2016.
