Wisconsin-Madison spin-out Cellular Dynamics raises $46m in an IPO.

Biotech Cellular Dynamics, a spin-out of the University of Wisconsin-Madison, has raised $46m in an initial public offering.

Founded in 2004, the US-based firm offered 3.8 million shares at $12, the low end of a $12 to $14 range, trading under the symbol ICEL on Nasdaq.

Despite providing cell lines to 18 of the 20 largest pharma companies, including AstraZeneca, Eli Lilly and GlaxoSmithKline, early trading has not been easy on Cellular, with its share price dropping to $9.5 at…

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