Novartis bought $10m in shares as the fibrosis treatment developer floated at the top of its range in an expanded initial public offering.
US-based fibrosis drug developer Pliant Therapeutics went public yesterday in a $144m initial public offering that represented an exit for Novartis Institutes for BioMedical Research, a subsidiary of pharmaceutical firm Novartis.
The company increased the number of shares in the IPO from 6 million to 9 million shares and priced them at the top of the $14 to $16 range it set last week, while Novartis Institutes for BioMedical Research bought $10m of stock in the offering.
The…
