ZURICH, April 3 Galenica 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 ($1.85 billion) 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 specialty 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.
($1 = 1.0009 Swiss francs)
(Reporting by John Miller)