Verrica Pharmaceuticals, which is developing a drug-device that administers cantharidin for warts and skin diseases, announced terms for its IPO on Tuesday.
The West Chester, PA-based company plans to raise $75 million by offering 5.0 million shares at a price range of $14 to $16. Insiders intend to purchase $30 million worth of shares in the offering. At the midpoint of the proposed range, Verrica Pharmaceuticals would command a fully diluted market value of $385 million.
Verrica Pharmaceuticals was founded in 2013 and plans to list on the Nasdaq under the symbol VRCA. BofA Merrill Lynch, Jefferies and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of June 11, 2018.
