Tarsus Pharmaceuticals, a Phase 3 biotech developing therapies for ophthalmic conditions, announced terms for its IPO on Friday.
The Irvine, CA-based company plans to raise $80 million by offering 5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Tarsus Pharmaceuticals would command a fully diluted market value of $324 million.
The company’s lead product candidate, TP-03, is a novel therapeutic being developed for the treatment of blepharitis caused by the infestation of Demodex mites, which is referred to as Demodex blepharitis. To date, the company has completed four Phase 2 trials for TP-03 in Demodex blepharitis, all of which met their primary, secondary and/or exploratory endpoints. The company commenced a Phase 2b/3 trial in September 2020, and intends to commence a Phase 3 trial in 2021
Tarsus Pharmaceuticals was founded in 2016 and plans to list on the Nasdaq under the symbol TARS. BofA Securities, Jefferies, Raymond James, LifeSci Capital and Ladenburg Thalmann are the joint bookrunners on the deal.
The article Ophthalmology biotech Tarsus Pharmaceuticals sets terms for $80 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
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