Danish pharmaceutical company Leo Pharma A/S has invited investment banks to pitch for roles in a potential initial public offering, according to people familiar with the matter. The more-than-a-century-old drugmaker is edging closer to going public after inviting bankers to compete for positions in the offering. This move signals the company's intention to pursue a public listing in the near future.

Leo Pharma, known for its dermatology and critical care products, has been weighing various strategic options. The invitation to banks for IPO pitches represents a significant step toward a public offering. Industry sources indicate the company is moving forward with preparations for a potential market debut, though specific timing and valuation details remain undisclosed.

The decision to seek investment bank pitches comes as Leo Pharma evaluates its growth strategy and capital structure. A successful IPO would provide the company with additional funding for research and development, potential acquisitions, and expansion into new markets. The move also reflects broader trends in the pharmaceutical industry, where several companies are considering public listings to capitalize on market conditions and investor interest in healthcare.