The Pfizer and Ipsen-backed metabolic disorder drug developer floated above its range and saw its share price rise more than 75% on its first day of trading.
Rhythm Pharmaceuticals, a US-based developer of treatments for metabolic disorders, raised $120m yesterday from an initial public offering that provided exits for pharmaceutical companies Pfizer and Ipsen.
The company priced its shares at $17 each on Wednesday, above the IPO’s $14 to $16 range, and increased the number of shares it planned to issue from 6.7 million to 7.05 million. Its stock opened at $23.21 on its first day of trading on the Nasdaq Global Market yesterday and closed…
