Seattle biotechnology company Acucela said the underwriters of its initial public offering in Japan will sell 9.2 million shares at $17.65 apiece, raising about $143 million after expenses and discounts.
The shares, which are not available to U.S. investors and won’t be traded here, have been approved for listing on the the Mothers market of the Tokyo Stock Exchange, Acucela said in a regulatory filing.
The Japanese underwriters will pay Acucela by Feb. 12 and have an option to buy up to 1.38 million additional shares from Acucela founder and chief executive officer Ryo Kubota, the filing said.
Acucela, based in downtown Seattle, is developing therapeutics to treat or slow the progression of sight-threatening ophthalmic diseases. Late last year it announced plans to cut 35 percent of its work force after Otsuka, its major drug-company partner, dropped co-development of one drug candidate when Phase III results proved disappointing.