Taiwan Liposome Company (TLC), which is developing lipid formulations of approved drugs for pain and eye disease, raised $22 million by offering 3.75 million ADSs at $5.80.
Listed on the Taipei Exchange (TPEx: 4152), TLC closed Tuesday in Taiwan at an as-converted $6.48 per ADS. At the $5.80 US offer price, the company would command a market cap of $185 million. TLC had previously filed to raise $29 million by offering 5.0 million ADSs at the same price.
In its previous filing, the company had identified certain potential investors that had indicated on buying up to $20 million of the deal.
Taiwan Liposome Company plans to list on the Nasdaq under the symbol TLC. Cantor Fitzgerald acted as lead manager on the deal.
