Dermavant Sciences, a Phase 3 biotech developing therapies for dermatological diseases, announced terms for its IPO on Monday.
The London, United Kingdom-based company plans to raise $100 million by offering 7.7 million shares at a price range of $12 to $14. Parent Roivant Sciences intends to purchase $35 million worth of shares in the offering (35% of the deal). At the midpoint of the proposed range, Dermavant Sciences would command a market value of $319 million.
Dermavant Sciences was founded in 2015 and plans to list on the Nasdaq under the symbol DRMT. Jefferies, SVB Leerink and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of June 17, 2019.
