July 18, 2017 / 1:33 PM / a year ago

Biotoscana delays Brazil IPO to Friday on accounting revision

SAO PAULO, July 18 (Reuters) - Colombian pharmaceutical firm Biotoscana Investments SA delayed the pricing of an initial public offering of Brazilian depositary receipts (BDRs) to Friday from Tuesday after revising its financial statements, it said.

The delay came after securities regulator CVM questioned Biotoscana’s accounting for the 2015 purchase of Laboratorio LKM, leading it to revise down the total asset base for 2015, 2016 and the first quarter of 2017.

Biotoscana’s BDRs will debut on the São Paulo Stock Exchange on July 25, according to a securities filing late Monday.

Reuters reported earlier Tuesday that investors were willing to place three times the amount of BDRs on offer at the mid-point of a 24.50-28.50 reais price range. (Reporting by Bruno Federowski and Flavia Bohone; Writing by Bruno Federowksi; Editing by Jeffrey Benkoe)

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