Otonomy, a late-stage biotech developing sustained-exposure treatments for ear diseases, announced terms for its IPO on Friday. The San Diego, CA-based company plans to raise $80 million by offering 5.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Otonomy would command a fully diluted market value of $315 million.
Otonomy's lead candidate treats middle ear effusion developed during tympanostomy tube placement surgery. The company plans to submit an NDA in the 1H15. Its IPO follows Auris Medical (EARS), another ear-related biotech scheduled to begin trading next week. Otonomy is in Phase 2 trials for Ménière’s Disease and preclinical studies for tinnitus, both of which are targeted by Auris.
Otonomy, which was founded in 2008, plans to list on the NASDAQ under the symbol OTIC. J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of August 11, 2014.
FCB Financial Holdings, a Florida-based bank formed through acquisitions of eight failed banks, raised $165 million by offering 7.5 million shares (39% from insiders) at $22, the low end of the range of $22-$23. The company had originally planned to sell 8.715 million shares (50% from insiders) at $24-$27 before reducing the insider selling component and cutting the range on Thursday. FCB Financial Holdings plans to list on the NYSE under the symbol FCB. Deutsche Bank, J.P. Morgan, BofA Merrill Lynch and UBS acted as lead managers on the deal.
Mobileye, an Israeli developer of camera-based Advanced Driver Assistance Systems (ADAS), raised $890 million by offering 35.6 million shares (77% insider) at $25, well above the upwardly revised range of $21 to $23. Mobileye plans to list on the NYSE under the symbol MBLY. Mobileye initially filed confidentially on 5/12/2014. Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays and Citi acted as joint bookrunners on the deal.
VTTI Energy Partners LP, an MLP formed by VTTI to own refined product and crude oil terminals, raised $368 million by offering 17.5 million shares (all sold by the parent) at $21, the high end of the range of $19 to $21. VTTI Energy Partners LP plans to list on the NYSE under the symbol VTTI. Citi, J.P. Morgan, BofA Merrill Lynch, Credit Suisse, Deutsche Bank and Wells Fargo were the bookrunners on the deal.