- Catalyst fund and company sought to raise C$130 Million in IPO
- Mississauga-based Therapure focuses on biopharmaceuticals
Therapure Biopharma Inc., a biological pharmaceuticals maker owned by Catalyst Capital Group Inc., postponed plans to sell shares in a C$130 million ($95 million) initial public offering amid volatile markets that have gutted equity-financing activity in North America.
“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 U.S. or Canada in January,” the Mississauga, Ontario-based company said Thursday in a statement.
Therapure and one of Catalyst Capital’s funds were seeking to sell shares for C$11 to C$13 in the offering, according to a Jan. 6 filing with regulators. Therapure is focused on pharmaceutical treatments and on developing blood and plasma-related products, the company said in a filing with Canadian lenders. The company’s development has primarily been supported by a fund managed by Catalyst, a Toronto-based firm founded by Newton Glassman.
This has been the slowest start for Canadian IPOs in at least 20 years, with no companies tapping markets so far, according to data compiled by Bloomberg.