PTC Therapeutics, a US-based drugs developer for muscles, plans to float on the Nasdaq stock exchange with a market capitalisation of about $322m.
PTC plans to offer 6.9 million shares at between $13 and $16 each.
PTC posted a $26m net loss on $34m in revenue for last year, compared to $30m in net income on $105m in revenue for 2011.
Investment banks JP Morgan and Credit Suisse are PTC’s lead underwriters for the initial public offering (IPO), with legal counsel from Wilmer Cutler Pickering Hale and Dorr and Davis Polk & Wardwell.
Credit Suisse is PTC’s largest outside shareholder with a 14.8% pre-IPO stake, while drugs group Celgene owns 7% and peer Novo less than 5%.
Venture capital firms HBM Healthcare Investments (12%), Vulcan Capital (9%), Brookside Capital Partners (7%), Delphi Ventures (6.3%) and Column Group are also listed in the regulatory filing.
In March, PTC raised $60m from a consortium including healthcare companies Celgene and Novo after a complicated refinancing that included “a one-for-120 reverse stock split” following a negative regulatory review of one of PTC’s treatments a year earlier.
Venture capital firms Brookside Capital Partners Fund, which led the round, Adage Capital Management, Jennison Associates and Longwood Fund invested in PTC for the first time.
Alongside Celgene and Novo as reinvestors in PTC are Investment bank Credit Suisse and fund managers HBM Healthcare Investments, Vulcan Capital, Delphi Ventures and Column Group.
Credit Suisse was sole structuring adviser and lead placement agent to PTC for the transaction, while Wedbush PacGrow Life Sciences was co-placement agent.
In July, PTC raised $30m, following on from $50m in December 2009. Regulatory filings showed PTC raising $24.25m in September 2007and its first round in 2004.