The company, backed by Novartis, Sanofi and Elan Science One, priced its initial public offering below its target range at $8 per share.
Proteostasis Therapeutics, a US-based cystic fibrosis treatment developer backed by pharmaceutical firms Novartis, Perrigo and Sanofi, floated on Nasdaq yesterday, having priced its shares at $8 each.
The company offered 6.25 million shares, raising $50m in proceeds. The pricing is below its target range of $12 to $14, set last week, though Proteostasis increased the number of shares issued from 3.85 million, placing the offering within its expected size of $46.2m to $53.9m.
The IPO’s underwriters have been granted…
