Biotech Mapi-Pharma decreases shares offered before IPO; deal size cut by 7%

Mapi-Pharma, which is developing enhanced generic versions of marketed drugs such as Teva's Copaxone, lowered the proposed deal size for its upcoming IPO on Thursday. The Ness Ziona, Israel-based company now plans to raise $40 million by offering 2.7 million shares at a price range of $13 to $15. The company had previously filed to offer 2.9 million shares at the same range. At the midpoint of the revised range, it will raise 7% less in proceeds than previously anticipated.

Mapi-Pharma, which was founded in 2008, plans to list on the NASDAQ under the symbol MAPI. The company initially filed confidentially on February 3, 2014. Aegis Capital is the sole bookrunner on the deal. No pricing date has been announced.