Zealand Pharma, which is developing peptide-based treatments for type 2 diabetes, announced terms for its IPO on Tuesday. The company also added Guggenheim Securities and Needham & Co. as co-managers on the deal. Zealand Pharma is publicly traded under the ticker ZEAL on the Nasdaq Copenhagen.
The Glostrup, Denmark-based company plans to raise $75 million by offering 3.9 million ADSs at a price of $19.30. At that price, Zealand Pharma would command a fully diluted market value of $582 million.
Zealand Pharma was founded in 1997 and booked $49 million in sales for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol ZEAL. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of August 7, 2017.
