TetraPhase Pharmaceuticals, Enanta Pharmaceuticals, Inc. Prepare for IPOs
Two Boston-area biotech companies — one working on a treatment for hepatitis C, the other aimed at drugs to treat disease caused by bacterial biothreat pathogens — are set to raise a combined total of $146 million through two initial public offerings during the week starting March 18. According to Renaissance Capital, Enanta Pharmaceuticals Inc. in Watertown, Mass., and Tetraphase Pharmaceuticals Inc. in Cambridge, Mass., will both become public companies during the week. Enanta, which plans to be listed on the Nasdaq exhange under the ticker, “ENTA,” could raise as much as $64 million in its IPO. The price range for its offering of 4 million shares is $14 to $16 per share. In a filing with the Securities and Exchange Commission last November, Enanta said it expected to have $72 million in assets as of the end of 2012. The company has raised a total of $160 million in redeemable convertible preferred stock to date. The company had revenue of $41 million for the full year 2012, and had $21 million in net income.