Vectura to IPO?

Vectura, which is developing an inhaler to treat impotence, is planning a listing on the London Stock Exchange’s Alternative Investment Market, which would signal the beginning of an exit for a consortium of investors including ISIS Equity Partners through its Baronsmead VCT, Merlin Biosciences, Northern Venture Managers through its Northern 2 VCT and Sitka through its Sitka Health Fund VCT.

Vectura is seeking to raise gross proceeds of between £20m and £25m through a placing of ordinary shares with institutional investors in the UK and certain other jurisdictions. The indicative price range has been set at between 70 pence and 84 pence per share, corresponding to a post-money market capitalisation for the company of between £75m and £85m assuming gross proceeds from the placing of £25m. The offering is expected to complete during the first half of July. Vectura intends to use the net proceeds from the offering in the continued development of its lead product candidates.