Colombia-based pharmaceutical company Grupo Biotoscana has raised a total of BRL1.34 billion (approximately US$427 million) in its initial public offering (IPO) on B3 (formerly BM&FBOVESPA). The offering consisted of 50.6 million Brazilian Depository Receipts (BDRs), including a primary offering from Biotoscana and a secondary offering from global private equity firm Advent International, health care-focused investor Essex Woodlands Health Ventures and individual investors. Advent and Essex Woodlands, which originally invested in Biotoscana in 2011, sold 18.5 million and 4.6 million BDRs, respectively, for BRL26.50 (approximately US$8.43) per share, earning gross proceeds of BRL491 million (approximately US$156 million) and BRL123 million (approximately US$39.1 million).