Rottapharm, the Italian drug maker said that it expected an IPO of its shares in July to value the company at about $2.46 billion or roughly1.8 million euros.

The Italian drug maker, which operates under the name Rottapharm Madaus, said that it expected to price its offering at €7.25 to €9 a share of its 50 million shares.

The IPO represents about 25 percent of Rottapharm’s share capital and it expects to list itself on the Mercato Telematico Azionario of the Borsa Italiana exchange in Milan. Rottapharm said that Italian securities regulators had signed off on its listing.

Chief executive and chairman of Rottapharm, Luca Rovati said that through the IPO, the company will have the opportunity to present to the financial community the distinctive and innovative values of their business model. Their entry into the capital markets is consistent with their growth strategy through expansion into new markets, new acquisitions and the launch of new products.

About 2.5 million shares or around 5 percent of the offering will be sold to retail investors in Italy and the rest will be sold to institutional investors. Depending on demand, the offer can be increased by up to another 10 million shares.

The shares are being sold by an investment vehicle controlled by the Rovati family who are the owners of Rottapharm. After the offering, the family will remain the drug maker’s largest shareholder.

Rottapharm which was founded in 1961 is the maker of Dona. Dona is used to manage pain associated with osteoarthritis, Reparil, an anti-inflammatory and pain reducing drug, and Legalon, which is used for the treatment of liver disorders. The company employs over 2,000 employees in 85 countries worldwide.

Morgan Stanley, Deutsche Bank, Jefferies, Goldman Sachs International, Banca IMI and JPMorgan Chase are acting as joint underwriters on the offering.