KaloBios Pharmaceuticals, a US-based developer of therapeutics for cancers and respiratory diseases backed by peer Baxter International, plans to sell 3.85 million shares at between $12 and $14 each in its flotation.
The about $50m raised at the mid-price would give the company an initial market capitalisation of about $239m on the Nasdaq stock exchange, according to its latest regulatory filing.
Investment bank Leerink Swann is lead underwriter and has the right to sell 4.4 million shares including an overallotment if required.
KaloBios’ last private round was the $20m series E round in May 2012 priced at $3.40 per share.
Baxter owns 5.82% before KaloBios’ initial public offering with peer Genzyme’s corporate venturing unit less than 5%, mutual fund manager Fidelity 9.7% and financial and state investors, including MPM Capital (17.7%), Sofinnova Ventures (11.86%), Alloy Ventures (11.2%), Lehman Brothers (6.74%), GBS Venture Partners (5.45%), Development Bank of Japan, 5AM Ventures and Bio*One Capital, the remainder outside of management.