A blank check for biotechs: CB Pharma Acquisition files and sets terms for $40 million IPO

CB Pharma Acquisition, a biotech-focused blank check company backed by Coronado Biosciences, announced terms for its IPO on Thursday. The Burlington, MA-based company plans to raise $40 million by offering 4.0 million units for $10 each. At that price, CB Pharma Acquisition would command a market value of about $52 million.

The company is led by Lindsay Rosenwald, the CEO of Coronado Biosciences. Coronado trades on the NASDAQ under the symbol CNDO, and has a market cap of about $81 million.

Formed in 2014, CB Pharma Acquisition plans to list on the NASDAQ under the symbol CNLMU. EarlyBird Capital is the sole bookrunner on the deal. No pricing date was disclosed.