Health and Healthcare
Athenex Announces Potential Price Range for IPO
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Athenex has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 6.0 million shares in the range of $11 to $13 per share, with an overallotment option for an additional 900,000 shares. At the maximum price, the entire offering is valued up to $89.7 million. The company intends to list its shares on the Nasdaq under the symbol ATNX.
The underwriters for the offering are Credit Suisse, JPMorgan, Deutsche Bank and ICBC International.
This global biopharmaceutical company is dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer. Its mission is to improve the lives of cancer patients by creating more effective, safer and tolerable treatments. The firm has generated its clinical product candidates through the Orascovery and Src Kinase Inhibition research platforms, which are based on the understanding of human absorption biology and novel approaches to inhibiting kinase activity, respectively.
Management believes that the firm’s ability to overcome the challenges of oral delivery of chemotherapy and limitations associated with intravenous delivery, via its P-gp inhibitor, offers significant potential benefits to patient outcomes by allowing patients to stay on therapy longer and extending the potential opportunities to combine with other agents, including targeted and immunotherapies that would otherwise be too toxic in combination with IV chemotherapy.
This company is based in Buffalo, New York, and was formed in 2003. Athenex has been funded from inception by over $250 million in private financings and public-private partnerships with an estimated aggregate value of $375 million.
Athenex intends to use the net proceeds from this offering for the following:
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