April 3, 2017 / 5:50 AM / 8 months ago

Galenica prices IPO at top of range, to shed all of its Sante stake

ZURICH (Reuters) - Galenica GALN.S priced its initial public offering of its Sante unit at between 37-39 Swiss francs per share at the top end of its range, implying a market capitalization of 1.85 billion Swiss francs (1.48 billion pounds) to 1.95 billion francs.

The Swiss drugmaker will shed its entire stake of its pharmacy unit, rather than keeping 13.75 percent as once planned, as it raises proceeds to refinance a takeover in the United States, the company said on Monday. Galenica Sante’s free-float will be 97.5 percent.

Galenica had previously given a price range of 31-39 francs. Galenica is splitting into a speciality drugs business, Vifor Pharma, which makes iron replacements as well as therapy for excessive potassium levels, and its Sante unit that runs hundreds of Amavita and Sun Store pharmacy outlets and a logistics business in Switzerland.

Reporting by John Miller

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