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Supernus Pharmaceuticals Sets Terms for $75 Million US IPO



4/12/2012 7:13:22 AM

Washington Business Journal by Bill Flook, Staff Reporter

Supernus Pharmaceuticals Inc., which filed for an initial public offering more than a year ago, said Wednesday it expects to sell 5.8 million shares at an estimated price of $12 to $14 apiece.

In a Securities and Exchange Commission filing, the Rockville biotech estimated it would raise $66.4 million in net proceeds through the offering, or as much as $76.9 million if its underwriters fully exercise their over-allotment option. That estimate assumes the company would go public at $13 per share, the midpoint of the price range.

Supernus, a Shire PLC spinoff that specializes in central nervous system drugs and counts Chevy Chase-based New Enterprise Associates Inc. as one of its venture backers, has two products under review at the Food and Drug Administration: SPN-538 and SPN-804, both epilepsy treatments. Its pipeline also includes earlier-stage product candidates in attention deficit hyperactivity disorder and depression. The FDA is set to decide on SPN-538’s approval in July, with a decision for SPN-804 slated for October.

The biotech said it plans to use the bulk of the proceeds — an estimated $42 million – for sales and marketing of those two drugs, assuming their regulatory approval. It said it would also use the cash from the offering to fund ongoing clinical trials and pay down debt.

Supernus, which would trade on the Nasdaq under the ticker symbol SUPN, expects to have 19.7 million shares of its common stock outstanding post-IPO.




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