Bellus Health Inc. priced and upsized its IPO, now looking to sell of 9,859,155 common shares at $7.10 each.
Gross proceeds from the offering are expected to reach $70 million. The Canada-listed biotechnology company initially planned to raise $60 million in the IPO.
The company granted the underwriters an option to buy up to an additional 1,478,873 common shares.
The IPO's completion is expected Sept. 9, subject to customary closing conditions.
Net proceeds will be used to fund Bellus Health's research and development activities, general and administrative expenses, working capital needs, and other general corporate purposes.
The company's common shares will trade on the Nasdaq Global Market under the BLU symbol beginning Sept. 5. Additionally, the company's shares will continue to be listed on the Toronto Stock Exchange.
Laval, Quebec-based Bellus Health develops novel therapies to treat chronic cough and other hypersensitization-related disorders.
