Taiwan Liposome, which is developing lipid formulations of approved drugs for pain and eye disease, lowered the proposed deal size for its upcoming IPO and disclosed updated financials for the nine months ended September 30, 2018 on Thursday.
The Taipei City, Taiwan-based company now plans to raise $29 million by offering 5 million ADSs at a price of $5.80. Insiders intend to purchase up to $20 million worth of the IPO (69% of the deal). The company had previously filed to offer 4.7 ADSs at $7.46, but later removed those terms in a subsequent filing. At $5.80, Taiwan Liposome will command a market value of $190 million.
Taiwan Liposome Company was founded in 1997 and booked $2 million in revenue for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol TLC. Cantor Fitzgerald is the sole bookrunner on the deal.
