Evoke closes 2.2% below IPO on first day; Ophthotech gains 19.6%
This article was originally published in Scrip
Executive Summary
Evoke Pharma priced an initial public offering of 2.1m shares at $12 each to raise $25.2m, but the gastrointestinal disease specialist's stock closed down 2.2% at $11.74 per share at the end of its first trading day on 25 September while eye drug-focused Ophthotech's stock closed 19.6% above its $22 IPO value at $26.30.
You may also be interested in...
Finance Watch: Pfizer Adds $3.5bn To Cash Stockpile, Reduces Stake In Haleon
Public Company Edition: Pfizer’s stake in Haleon dropped from 32% to 22.6% with a massive sale of shares of the GSK consumer health spinout. Also, Galderma prices its Swiss IPO, Madrigal grosses $600m in a post-approval offering and bluebird secured up to $175m in debt.
Finance Watch: Another Bevy Of VC Mega-Rounds, Including $175m For Capstan
Private Company Edition: Capstan and Engrail raised $175m and $157m, respectively, in series B venture capital rounds in addition to Madrigal’s $400m-plus launch and Clasp’s $150m series A.
Roche/Chugai’s Enspryng Not Good Enough In Phase III Myasthenia Gravis Study
Many companies have late-stage myasthenia gravis programs in Phase III, but argenx and its Vyvgart competitors won a reprieve with the failure of IL-6 inhibitor Enspryng (satralizumab).