Parkinson's biotech Biotie Therapies sets terms for $50 million IPO

Biotie Therapies, a Finnish biotech developing an adjunct therapy to levodopa for Parkinson's disease, announced terms for its IPO on Thursday.

The Turku, Finland-based company plans to raise $50 million by offering 3.4 million ADSs at a price of $14.82. At that price, Biotie Therapies would command a fully diluted market value of $175 million.

Biotie Therapies, which was founded in 1998 and booked $11 million in sales for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol BITI. Biotie Therapies initially filed confidentially on 3/17/2015. RBC Capital Markets and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2015.