Update - facility expansion to continue

Therapure postpones IPO citing market conditions

By Gareth Macdonald

- Last updated on GMT

Therapure IPO delayed; plant expansion to continue
Therapure IPO delayed; plant expansion to continue

Related tags Venture capital

Therapure Biopharma has postponed its IPO citing market conditions.

The contract development and manufacturing organisation (CDMO) filed a preliminary prospectus filed with Canadian Securities Regulators​ in December.

At the time the firm said it was going public to raise funds “for plant expansion" ​and the development of its therapeutic biologics business.

However, today Therapure said: “While the business is performing above expectations and investor feedback about the quality of management and the company was very positive, the company makes this decision in light of the current market environment, in which no IPOs were concluded in the US or Canada in January​.”

A Therapure spokesman reiterated this, telling us: "Given the current environment for any and every IPO, it’s too early to speculate about exactly when Therapure would go back to the market.

"Since investors saw that Therapure is performing above expectations, and were impressed with the company’s management and strategy, this will give the company a head start when the external environment is right.

The spokesman stressed that: "The Catalyst Capital Group remains excited about and committed to the company, as do the underwriters. We’ll all be ready when the right time comes​."

He added that: "Therapure remains committed to its growth strategy, and the company can continue to the next stage of its plant without immediate third-party funding​."

Expansion plan

Under the IPO plan Therapure planned to raise C$130m.

Therapure's 130,000 sq ft facility in Toronto makes intraveneous immunoglobulin (IVIG) and albumin-based therapies for both its own pipeline as well as for drug industry customers.

The site has seen a number of investments in equipment and additional clean room space since the firm was set up in 2008 by Canadian private equity fund Catalyst Capital Group, as well as C$17m ($13m) worth of investment from its clients.

Therapure's customer base includes french firm LFB​, for which it makes plasma proteins, and Insmed.

Related news

Related products

show more

Pulmonary Delivery of Orally Inhaled Therapeutics

Pulmonary Delivery of Orally Inhaled Therapeutics

Content provided by Catalent Pharma Solutions | 19-Oct-2023 | Product Brochure

New classes and indications of orally inhaled therapeutics are rapidly expanding, with the development pipeline increasingly featuring both large and small...

Addressing Challenges with Clinical In-Use Testing

Addressing Challenges with Clinical In-Use Testing

Content provided by Lonza | 12-Oct-2023 | White Paper

Lonza Drug Product expert Léa Sorret PhD explores Clinical In-Use Testing of Biotherapeutics in this white paper. Léa shares her expertise and describes...

Manufacturing Drugs with Highly Potent APIs

Manufacturing Drugs with Highly Potent APIs

Content provided by Altasciences | 28-Sep-2023 | White Paper

In this issue of The Altascientist, we examine the critical considerations for the safe and compliant manufacture of drugs with highly potent APIs (HPAPIs),...

Related suppliers

Follow us

Products

View more

Webinars