Orphan disease drug developer PhaseBio Pharmaceuticals, which counts Johnson & Johnson, Astellas and AstraZeneca as investors, cut the price of its shares sharply pre-offering.
PhaseBio Pharmaceuticals, a US-based orphan disease treatment developer backed by pharmaceutical firms Johnson & Johnson, Astellas and AstraZeneca, has floated on the Nasdaq Global Market in a $46m initial public offering.
The company priced its shares at $5.00 each, representing a steep drop from the $12 to $14 range it set earlier this month, though it did also increase the number of shares in the offering from 5 million to 9.2 million. Its shares opened at $5.55 on Thursday…
