Eli Lilly-backed cancer drug developer Cerulean Pharma priced its initial public offering at $7.00, considerably below the range originally set.
US-based biopharmaceutical company Cerulean Pharma has gone public in a $59.5m initial public offering in which pharmaceutical company Eli Lilly, an existing investor, invested $5.9m.
Cerulean sold 8.5 million shares priced at $7.00 each, a big discount on the $11-13 range it had initially set. Underwriters Leerink Partners, Canaccord Genuity, JMP Securities and Wedbush PacGrow Life Sciences have the option to acquire another 1.275 million shares, which would raise the proceeds from the offering to $68.4m.
Lilly Ventures, Eli Lilly’s…
