RaQualia Pharma postpones Japan IPO
Private equity-backed RaQualia Pharma Inc., an Aichi-based specialized marketing and intellectual property firm servicing the pharmaceutical industry, has announced the postponement of its IPO onto the Osaka Stock Exchange JASDAQ Growth Market due to current market conditions.
"The Board of Directors, management, and employees of RaQualia Pharma Inc. would like to express our deepest condolences to the victims of the devastating earthquake and tsunami in Northeastern Japan on Friday," the company said in a statement. "Due to these extraordinary circumstances, the Board of Directors has unanimously decided to postpone RaQualia's pending public offering. There will be a discontinuance of the sale and issuance of stock at this time."
Nevertheless, the company added that it will continue to its efforts to list in near future, with the cooperation of The Daiwa Securities Capital Markets Co., an investment banking unit of Daiwa Securities Group. Originally, the company planned to raise JPY11.8 billion ($149 million) by selling shares.
RaQualia was founded in 2008 through an EBO (employee buyout) from global pharma major Pfizer Inc., backed by NIF SMBC Venture Capital and Coller Capital, which holds 32% and 24% stakes, respectively. Pfizer is the third largest shareholder after SMBC and Collar, holding 19 %. The company is specifically involved in the marketing and licensing of intellectual property for pharmaceutical and clinical R&D.
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