Jaguar Animal Health, a US-based developer of gastrointestinal products for animals, has announced the terms for its forthcoming initial public offering, and plans to offer 5 million shares priced at $7-$9.
Were the company to float at the middle of the range, it would raise $40.4m.
The company is working on treatments for diarrhea in dogs. The proceeds will be used for further clinical trials and manufacturing and commercialisation costs.
Jaguar’s parent company Napo Pharmaceuticals is the majority shareholder in the company, holding a 53.8% stake. Private equity firm BioVeda China Fund owns 31.3% and Jaguar’s chief executive Lisa Conte holds a 7.5% share.
Jaguar raised $2m in a series A investment in February this year from BioVeda China Fund, having secured seed funding from Napo Pharmaceuticals as well as Napo’s existing investors.
BMO Capital Markets, Guggenheim Securities and Roth Capital Partners are serving as underwriters for the deal.