Shin Nippon's migraine treatment spinoff, Satsuma Pharmaceuticals, floated above its range to raise $82.5m in an offering that follows $86m of funding.
Satsuma Pharmaceuticals, a US-based migraine therapy developer backed by research services provider Shin Nippon Biomedical Laboratories, raised $82.5m in its initial public offering on Friday.
The company issued 5.5 million shares on the Nasdaq Global Market priced at $15.50 each, above the IPO’s $14 to $15 range. They reached a peak of $19.90 before closing at $16.90, giving Satsuma a market cap of about $280m.
Spun off from Shin Nippon in 2016, Satsuma is working on an acute migraine…
