Durata Therapeutics IPO watch: The pharmaceutical company intends to sell 6.25 million shares of common stock in its public offering to raise $93.44 million at most. The company has proposed to list its common shares on the NASDAQ Global Market under the symbol “DRTX.” Also read the update: Durata Therapeutics IPO priced lower than expectation.
Durata Therapeutics IPO price is expected to be between $11.00 and $13.00 per share. Assuming an initial public offering price of $12.00, the median of the previously announced Durata Therapeutics IPO price range, the company will recieve net proceeds of approximately of $69.1 million.
According to the latest amended prospectus, the net proceeds from Durata Therapeutics IPO are planned to be used for the expenditures associated with the development, marketing approval, commercial activities, scale manufacture of dalbavancin, and for working capital and other general corporate purposes.
Durata Therapeutics is a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses.
The company has a product candidate, dalbavancin, for the treatment of patients with acute bacterial skin and skin structure infections. Dalbavancin is currently in Phase 3 clinical trials. The company currently depends entirely on the development and commercialization of dalbavancin. The company said it will continue to incur losses until 2014.
BofA Merrill Lynch, and Credit Suisse are acting as the representatives of the underwriters of Durata Therapeutics IPO. The underwriting syndicate also includes RBC Capital Markets and Wedbush PacGrow Life Sciences. Underwriters are granted an option to purchase up to 937,500 additional shares of our common stock at Durata Therapeutics IPO price to cover over-allotments.
Read the related article: Durata Therapeutics IPO price range: $11-$13.
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