Zeal for Zealand
Zealand hopes diabetes story produces largest European IPO in 2010
Two weeks after Europe's largest biotech underwriter, Piper Jaffray, decided to stop selling securities in the region, Zealand Pharma A/S has proposed what would be the largest biotech IPO in Europe this year and the third largest worldwide in 2010. The company's recipe is straightforward: offer investors a late-stage, partnered product in a big indication - in this case diabetes - with the potential for the IPO to be the last time the company taps the markets for money.
Zealand hopes to raise about DKK671.3 million ($125.8 million) through the sale of up to 7.8 million shares at DKK86-DKK120 in an IPO on the Copenhagen Stock Exchange and a private placement. If sold at the midpoint of DKK103, Zealand would be valued at DKK2.7 billion ($497.9 million) based on 25.8 million shares outstanding...