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Montreal-based Clementia Pharmaceuticals Inc. is looking to raise as much as $138-million (U.S.) in its initial public offering, the latest in a resurgence of stock offerings from Canadian companies.
The clinical-stage biopharmaceutical company plans to sell eight million shares at $15 a share. Clementia says it has also granted its underwriters the option to purchase an additional 1.2 million common shares at the initial public offering price, minus underwriting discounts and commissions, within 30 days.
Shares began trading on the Nasdaq global select market on Wednesday and finished the day at $16.35. The offering will close on Aug. 7. The company declined to comment beyond the information provided in a news release.
Clementia is currently developing a drug called palovarotene to treat fibrodysplasia ossificans progressiva, a rare genetic condition where fibrous tissue such as muscles, tendons and ligaments are replaced by bone.
The company recently announced positive clinical-trial results for the drug.
The offering is being led by Morgan Stanley & Co. LLC and Leerink Partners LLC, with participation by Wedbush Securities Inc. and BTIG LLC.
The deal is the latest in a string of initial public offerings by Canadian companies. Others this year include Vancouver-based biotech company Zymeworks Inc., which raised $59-million in its initial public offering on the Toronto and New York stock exchanges, and vitamin maker Jamieson Wellness Inc., which made its debut on the Toronto Stock Exchange in early July.
Alexandra Posadzki