Biotech Mapi-Pharma slashes range before IPO; valuation cut by 45%

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 $18 million by offering 2.3 million shares at a price of $8 per share.

The company originally filed to offer 2.9 million shares at $13 to $15, and later reduced the float to 2.7 million shares. At the midpoint of the revised range, it will raise 55% less in proceeds than previously anticipated, and should now command a fully diluted market value of $118 million.

Mapi-Pharma, which was founded in 2008, plans to list on the NASDAQ under the symbol MAPI. Aegis Capital is the sole bookrunner on the deal. No pricing date has been announced.