MAP Pharma Sets IPO Terms

MAP Pharmaceuticals Inc., a Mountain View, Calif.-based developer of inhaled drug products for respiratory and CNS diseases, has set its IPO terms to five million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $308 million, if it prices at the high end of its range. The company plans to trade on the Nasdaq under ticker symbol MAPP, with Merrill Lynch and Morgan Stanley serving as co-lead underwriters. It has raised around $107 million in total VC funding since its 2003 formation, including a $50 million Series D round earlier this year. Shareholders include Bay City Capital, Perseus-Soros Biopharmaceutical Fund, Pequot Ventures, Brookside Capital, Skyline Ventures and D.W. Shaw Group.