Biotechnology company Prothena to raise $114m with public offering
Irish biotechnology company Prothena has confirmed a public offering which is expected to raise more than $100m (£67m).
The firm, which is listed on Nasdaq and concentrates on developing new antibodies for treating diseases such as Parkinson's and inflammatory disorders, said it will sell 3.3m ordinary shares at $37 per share which it expects to raise $114.2m.
Credit Suisse, RBC Capital Markets and UBS Investment Bank are book-running managers on the offer which is expected to close as early as 13 April.
The company has been performing very well recently – last month, stock jumped by around 40 per cent after reporting promising results for one of its Parkinson's disease treatments. The condition is notoriously difficult to treat, so the news went down very well with investors.
Prothena has partnered with Roche to develop the drug and has already been handed $45m by the Swiss pharmaceutical giant. It could earn an additional $555m if the drug's successes continue as part of that partnership.
