NovoCure Launches IPO Of 12.5 Million Shares

NovoCure Ltd. on Monday announced the launch of an initial public offering of 12.5 million shares, including 5.0 million shares to be sold by selling shareholders. The oncology-focused biotech said it expects to price shares at $26 to $29 each to raise about $189 million. The company will use the proceeds for general corporate purposes, including clinical trials and research & development. The company is expected to list on the Nasdaq under the ticker symbol "NVCR". J.P. Morgan, Deutsche Bank and Evercore Group are joint bookrunners. Wells Fargo is lead manager with JMP Securities and Wedbush acting as co-managers.