Biotie Therapies increases proposed IPO deal size

Biotie Therapies, a Finnish biotech developing an adjunct therapy to levodopa for Parkinson's disease, raised the proposed deal size for its upcoming IPO on Monday.

The Turku, Finland-based company now plans to raise $56 million by offering 3.8 million ADSs at a price of $14.82. The company had previously filed to offer 3.4 million ADSs at price of $14.82. The expected deal size rose by 12%. Insiders still intend to invest $25 million on the offering (45% of the float).

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. RBC Capital Markets and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2015.