Dermira, a US-based developer of dermatology products, set the range for its initial public offering between $14 and $16 on Friday and will look to raise up to $98.4m when it floats.
A total of 5.35 million shares will be offered by the company in the IPO.
Dermira has raised approximately $128m since it was founded in 2010, including $51m in series C funding last month from pharmaceutical company UCB, Bay City Capital, New Enterprise Associates (NEA), Canaan Partners, Apple Tree Partners, Aisling Capital, Rock Springs Capital and Sabby Capital.
UCB holds an 8.4% stake in Dermira, and will invest an additional $7.5m in shares through a private placement, which would give it an extra 500,000 shares if the IPO is priced in the middle of the range.
Other notable shareholders in the company are NEA (15.5%), Bay City (15.5%), Canaan (11%), pharmaceutical researcher Maruho (5.3%), Apple Tree and Fidelity Investments (4.7% each).
Dermira will invest $40m of the proceeds in developing Cimzia, its psoriasis treatment candidate. A further $45m will support research and development for two other product candidates.
Citigroup Global Markets, Leerink Partners, Guggenheim Securities and Needham & Company are acting as underwriters of the offering, and have the option to buy an additional 800,000 shares to cover over-allotments.