Published on 1/26/2006 in the Prospect News Biotech Daily.
New Issue: Altus Pharma raises $105 million in upsized IPO at $15 per share - midpoint of price range
By Ronda Fears
Memphis, Jan. 26 - Altus Pharmaceuticals, Inc. priced an upsized initial public offering of 7 million shares at $15.00 - smack at the middle of a price range of $14 to $16 - via joint bookrunners Merrill Lynch & Co. and Morgan Stanley. The $105 million deal was boosted from 6 million shares.
Cambridge, Mass.-based Altus, formerly a subsidiary of Vertex Pharmaceuticals Inc., is focused on the development and commercialization of oral and injectable protein therapeutics for chronic gastrointestinal and metabolic disorders.
Proceeds, estimated to net $95 million without counting the greenshoe, are slated for drug development and general corporate purposes.
Issuer: | Altus Pharmaceuticals, Inc.
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Issue: | Initial public offering of stock
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Gross proceeds: | $105 million
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Net proceeds: | $95 million
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Shares: | 7 million shares, up from 6 million shares
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Greenshoe: | 1.05 million shares, up from 900,000 shares
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Price: | $15 per share
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Price range: | $14 to $16
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Bookrunners: | Merrill Lynch & Co., Morgan Stanley
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Co-managers: | SG Cowen & Co.
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Pricing date: | Jan. 25
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Settlement date: | Feb. 1
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Stock symbol: | Nasdaq: ALTU
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