Johnson & Johnson, Eli Lilly and Pharmstandard exited the IBD treatment developer through an initial public offering that could eventually reach $103m in size.
Protagonist Therapeutics, a US-headquartered peptide-based drug developer backed by Johnson & Johnson, Eli Lilly and Pharmstandard, raised $90m when it priced its initial public offering at $12 per share on Wednesday.
The shares were priced at the middle of the range, and Protagonist issued 7.5 million, a good deal more than the 5.8 million it had originally intended. The underwriters have a 30-day option to buy a further 1.1 million shares, which would boost the size of the IPO to…
