GW Pharmaceuticals Plc ADS (GWPH)

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$GWPH - Cannibinoid therapeutics company GW Pharmaceuticals sets terms for $38 million IPO

4/18/13

GW Pharmaceuticals, which develops and commercializes cannabinoid-based therapeutics, announced terms for its IPO on Thursday. The stock currently trades on the AIM in London under the symbol GWP. The Wilshire, United Kingdom-based company plans to raise approximately $40 million by offering 3.5 million shares at a price to be determined by its price on the AIM. The last reported price of the shares on the AIM was £0.59 per share, which is the equivalent to $10.79 per ADS based on an assumed exchange rate of £0.6562 to $1.00. At a $10.79 offer price, GW Pharmaceuticals would command a market value of $158 million. 

GW Pharmaceuticals, which was founded in 1998 and booked $53 million in sales for the 12 months ended 9/30/2012, plans to list on the NASDAQ under the symbol GWPH. GW Pharmaceuticals initially filed confidentially on 12/14/2012. Lazard Capital Markets and Cowen & Company are the joint bookrunners on the deal.
Keywords/Tickers: GWPH