Orphazyme, a Danish late-stage biotech developing protein therapies for rare neurodegenerative diseases, announced terms for its IPO on Monday.
The Copenhagen, Denmark-based company plans to raise $100 million by offering 7.6 million ADSs at $13.13, the as-converted September 17th close of its shares on the Nasdaq Copenhagen (ORPHA). At the proposed price, Orphazyme would command a fully diluted market value of $455 million.
Orphazyme is developing heat shock proteins to develop novel therapies for neurodegenerative orphan diseases. The company submitted an NDA for product candidate arimoclomol with the FDA for Niemann-Pick disease Type C (NPC) in July 2020, and it plans to submit a marketing authorization application to the EMA in the 2H20. In its Phase 2/3 trial of arimoclomol in NPC, the company observed evidence of slowing of disease progression.
Orphazyme was founded in 2009 and plans to list on the Nasdaq under the symbol ORPH. BofA Securities, Cowen and Guggenheim Securities are the joint bookrunners on the deal.
