Novan, a late-stage biotech developing nitric oxide therapies for acne and other skin conditions, announced terms for its IPO on Thursday.
The Durham, NC-based company plans to raise $45 million by offering 3.75 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Novan would command a fully diluted market value of $181 million.
Novan was founded in 2006 and plans to list on the Nasdaq under the symbol NOVN. Piper Jaffray is the sole bookrunner on the deal. It is expected to price during the week of September 19, 2016.
