UroGen’s $58 million Initial Public Offering


Hamburger Evron & Co. represented UroGen on the transaction

UroGen Pharma, which is held by Mori Arkin and the Pontifax Fund, has raised 58 million dollars in an initial public offering (IPO) of its shares on NASDAQ. UroGen issued 4.5 million shares at a price of 13 dollars each, which is the midpoint within the range of prices planned for the issue. UroGen did however increase the number of shares it issued in comparison with the early plan. The IPO reflects a market cap of 156 million dollars post-money, and 98 million dollars pre-money.

The underwriters Jefferies and Cowen received an option exercisable within 30 days to buy an additional 671 thousand shares from the company at the issue price, that is, 15% of the initial issue. If they exercise the option, UroGen will raise another 4.8 million dollars. Trading in the UroGen shares began last night under the symbol URGN and, on its first day of trading, the share rose by 7.5% to 14 dollars.

UroGen, which was founded in 2004, had thus far raised 36 million dollars from the issue of shares and from an upfront payment of 17.5 million dollars which it received in October 2016 from Allergan Pharmaceuticals, as part of a commercialization agreement for one of the drugs in the pipeline of products UroGen is developing.

Hamburger Evron & Co., represented the publicly traded ‘Urogen Pharma’ with a team led by Yaron Sobol (Picture)

Involved fees earner: Yaron Sobol – Hamburger Evron & Co.;

Law Firms: Hamburger Evron & Co.;

Clients: Urogen Pharma Ltd;

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Author: Michael Patrini.