Anemia biotech Pieris Pharmaceuticals sets terms for $30 million IPO

Pieris Pharmaceuticals, which is developing a therapy for iron deficiency in anemic patients with chronic kidney disease, announced terms for its IPO on Wednesday.

The company currently trades on the OTCQB under the symbol PIRS with a market cap of about $90 million

The Freising-Weihenstephan, Germany-based company plans to raise $30 million by offering 9.6 million shares based on its current price of $3.12. At that price, Pieris would command a fully diluted market value of $125 million.

Pieris Pharmaceuticals, which was founded in 2000, plans to list on the NASDAQ under the symbol PIRS. Oppenheimer & Co. and JMP Securities are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.