Deal Summary
Verona Pharma (Nasdaq:VRNA), a company currently developing inhaled treatments for respiratory diseases, has announced its plans to IPO on the Nasdaq Stock Exchange.
The company filed confidentially on November 23, 2016 and plans to list under the symbol VRNA. Verona expects net proceeds of $77.1M through the IPO (assuming underwriting exercise in full their option to purchase additional shares). It will offer 5.768M American Depository Shares (ADS) at its converted AIM price of $13.49.
Company insiders intend to purchase 1.7M of the 5.768M shares being offered. The company plans to make its debut on Thursday, April 27. Upon completion of the IPO, the company will be listed on the Nasdaq and the AIM market of the London Stock Exchange. The company went public on the London Stock Exchange in 2005.
Underwriters to the IPO include SunTrust Robinson Humphrey, Wedbush Pacgrow, Stifel and Jefferies.
Upon completion of the IPO, Verona Pharma will have a market cap value of $163M.
We first previewed the deal on our IPO Insights Platform.
Company Overview
Founded in 2005, Verona Pharma (VRNA) is a clinical-stage biopharmaceutical company that focuses on the development and commercialization of innovative therapeutics for patients with respiratory diseases and unmet medical needs. RPL554, the company’s product candidate, is a first-in-class, dual, inhaled inhibitor of the enzymes PDE4 and PDE3 that acts as both an anti-inflammatory agent and a bronchodilator in a single compound. The product candidate has undergone eight Phase 1 and 2a and is being developed for use in the treatment of Chronic obstructive pulmonary disease (COPD) and cystic fibrosis (CF).
On April 18, the company received FDA approval to initiate clinical trials in the US for its RPL554 candidate.
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Executive Management Overview
Dr. Jan-Anders Karlsson has served as Verona Pharma’s Chief Executive Officer and board member since joining the company in 2012. Previously, her served as Chief Executive Officer of S*BIO Pte Ltd., a Singapore-based biotechnology company (from January 2005 to May 2012). Dr. Karlsson earned his M.Sc. in pharmacy from Uppsala University and attended the University of Lund, where he received a Ph.D. in clinical experimental pharmacology.
