Hyperion Therapeutics said Thursday it has priced 5 million shares of its common stock at $10 per share in its IPO. This is below a proposed range of $11 to $13 per share. The company raised approximately $43 million.
The South San Francisco-based biopharmaceutical company is expected to start trading on the Nasdaq Global Select Market under the ticker symbol “HPTX” on Thursday, with the offering closing Tuesday of next week.
Underwriters have a 30-day option to buy up to 750,000 more shares. Leerink Swann LLC and Cowen and Co. LLC are the joint book-running managers and Needham & Co. LLC is co-manager for the proposed offering.
Founded in 2006, the company specializes in therapeutics to treat disorders in the areas of orphan diseases and hepatology. The company did not report any revenue for the last 12 months. The company’s CEO Donald Santel previously founded CoTherix, which was acquired by Actelion for $420 million in 2007.
It is backed by Sofinnova Venture Partners (16 percent post-IPO stake), New Enterprise Associates (16 percent), Highland Capital Partners (14 percent), Bay City Capital (13 percent) and Panorama Capital (9 percent). According to Renaissance Capital, venture capital investors were expected to buy $22 million of the offering.
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