Xeris Pharmaceuticals, which is developing a novel formulation of an injectable hypoglycemia treatment, announced terms for its IPO on Monday.
The Chicago, IL-based company plans to raise $75 million by offering 5 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, Xeris Pharmaceuticals would command a fully diluted market value of $315 million.
Xeris Pharmaceuticals was founded in 2005 and booked $1 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol XERS. Jefferies, Leerink Partners and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 18, 2018.
