Intec Pharma, which is developing an improved delivery method of carbidopa/levodopa for Parkinson's disease, announced terms for its US IPO on Thursday.
The company is currently listed on the Tel Aviv Stock Exchange under the symbol INTP with a market cap of about $45 million.
The Jerusalem, Israel-based company plans to raise $38 million by offering 4.5 million shares at its current price of $8.36. At that price, Intec Pharma would command a fully diluted market value of $85 million.
The last Parkinson's disease biotech IPO, Cynapsus Therapeutics (CYNA), is developing an easier-to-use formulation of apomorphine. It trades 20% above its offer price.
Intec Pharma, which was founded in 2000, plans to list on the NASDAQ under the symbol NTEC. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal. No pricing date was disclosed.
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