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Morrison & Foerster Helps Israeli Drug Company With U.S. IPO
Guided by lawyers at Morrison & Foerster, Israeli pharmaceutical company Kamada has raised $51.6 million in its initial public offering.
The company, which specializes in protein purification technology, offered 5.6 million shares at $9.25 in the IPO, which closed Wednesday. MoFo partners Bruce Mann and Andrew Thorpe, both based in San Francisco, represented Kamada. A Davis Polk & Wardwell team led by New York partner Michael Kaplan advised the underwriters.
Kamada, which had a dual listing on the Tel Aviv and New York stock exchanges, is one of relatively few Israeli companies to go public in the United States in recent years, Mann said.
"Hopefully this represents the opening up of the markets for high-tech companies in Israel," he said.
Mann added that he hopes more pharmaceutical companies will be able to tap into the public markets in the United States in the coming months. He believes it is critical for drug development.
"Drug development takes a lot of time and a lot of money, and the venture capital community is not very enthusiastic about making that sort of long-term commitment," he said.
Mann said he leveraged a relationship with Kamada CFO Gil Efron to land a role on the deal. Efron previously served as CFO of another Israeli MoFo client, RR SAT Global Communications. Mann and his colleagues at MoFo have represented a steady stream of Israeli clients since taking semiconductor company DSP Group public in 1994.