29 October 12 19:01–Drug development company Kamada Ltd. (TASE: KMDA), which produces and sells a treatment in the US for congenital emphysema, and which is considered one of the most stable and successful biomed companies on the Tel Aviv Stock Exchange, is planning an offering on Nasdaq, “Globes” has learned.
Underwriters have not yet been chosen, and the financial terms of the offering have still not been set. The company was supposed to select underwriters this week, but the round of meetings has been held up because of Hurricane Sandy which has struck the east coast of the US. It appears that the company will seek to raise a sum in the tens of millions of dollars.
Kamada, which as far as is known has aroused great interest on the part of Wall Street investment banks, has a market cap on the Tel Aviv Stock Exchange of NIS 823 million ($211 million), which would appear to be a reasonable starting point for pricing its offering overseas.
The main shareholders in Kamada are Ralph Hahn (16.7%) and Leon Recanati (12%), who have been associated with the company since it was founded in 1991. Together with CEO David Tsur, the two led the switch by Kamada from a company producing proteins mainly sold in the Third World, to a company with value added products sold in the tens of millions of dollars in the developed world. Other shareholders are The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) (6%), Excellence Investments Ltd. (TASE: EXCE) (4.3%), and Clal (4.7%). Tsur owns 2.7%…Read More>>