Kythera closes $70.4M IPO

Kythera Biopharmaceuticals Inc. (NASDAQ:KYTH) gained $3.79 (24%) to $19.79 in its first day of trading Thursday after raising $70.4 million in a bumped-up IPO. The company sold 4.4 million shares at $16, valuing Kythera at $277.9 million. In September, Kythera proposed to sell 4 million shares at $14-$16 per share. At the $15 midpoint of the original range and 4 million shares, Kythera would have raised $60 million and been valued at $254.5 million. JPMorgan; Goldman Sachs; Leerink; and Lazard were underwriters. ...