Journey Medical, which owns a portfolio of acquired drugs marketed for skin conditions, announced terms for its IPO on Monday.
The Scottsdale, AZ-based company plans to raise $35 million by offering 3.2 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Journey Medical would command a fully diluted market value of $203 million.
Journey Medical is focused on the development and commercialization of pharmaceuticals for the treatment of dermatological conditions. Its current portfolio includes five branded (Qbrexza, Accutane, Targadox, Ximino, and Exelderm) and three authorized generic prescription drugs for dermatological conditions that are marketed in the US. Journey has a seven-year operating history and anticipates remaining a majority-owned subsidiary of Fortress Biotech (Nasdaq: FBIO).
Journey Medical was founded in 2014. It plans to list on the Nasdaq under the symbol DERM. B. Riley Securities is the sole bookrunner on the deal. It is expected to price during the week of November 8, 2021.
