Anchiano Therapeutics, a Phase 3 biotech developing therapies for early-stage bladder cancer, announced terms for its IPO on Thursday.
The Jerusalem, Israel-based company plans to raise $35 million by offering 2.4 million ADSs at a price of $14.55, the as-converted last close of its shares listed on the TASE($2.91), at five shares per ADS. Insiders intend to purchase $17.5 million worth of the ADSs in the offering (50% of the deal). At $14.55, Anchiano Therapeutics would command a market value of $96 million.
Anchiano Therapeutics was founded in 2004 and plans to list on the Nasdaq under the symbol ANCN. Oppenheimer & Co. is the sole bookrunner on the deal. It is expected to price on Monday, February 11, 2019.
