Israeli Biotech Firm Files for $75 Million Nasdaq IPO

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Israeli biotech company Enzymotec has filed to float on Nasdaq under the trading symbol ENZY, intending to raise abut $75 million. The extent of its public float and share price at offering remain to be seen.

The company filed its prospectus with the U.S. Securities and Exchange Commission late last week.

The offering will be underwritten by Bank of America Merrill Lynch and Jefferies, with Wells Fargo, Canaccord Genuity, and Wedbush Securities. Financial advisory group Rothschild serving as consultants.

Enzymotec develops and manufactures additives, including lipid-based compounds, for pharmaceutical and nutritional products. These include ingredients for infant formula and compounds that contribute to optimal development, provide supplements for nutritional deficiencies, and help manage various disorders and diseases.

The company markets 14 products throughout the world and has additional products, some in advanced stages, in its development pipeline.

Enzymotec is based in Migdal Ha'emek, where it built an NIS 100 million research and manufacturing facility in 2009. The company has an office in China and sales operations throughout the world. Its workforce totals 150, including 120 in Israel. It operates subsidiaries in New York and South Carolina, as well as a joint venture in Sweden.

The company was founded in 1998 by Sobhi Basheer and Daniel Plotkin, helped by the Ofer Brothers' Upper Nazareth's New Generation Technology incubator. The company has been managed by Ariel Katz since 2000. Since leaving the incubator in 2001 Enzymotec has raised capital from Galam Group, XT High-tech Innovations, Millennium Materials Technologies Funds, and the Arancia group.

The board is chaired by Yoav Doppelt, CEO of XT Investments (formerly Ofer Investments), and includes former Martek Biosciences CEO Steve Dubin, Galam CEO Yossi Peled, Bereshit Fund partner Imanuel Wasserman, and Millennium Fund's Nir Belzer.

Enzymotec produces lipid-based compounds for nutrition and pharma.Credit: Reuters
Enzymotec's products include ingredients for infant formula and compounds that contribute to optimal development.Credit: Amos Biderman

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