Ultragenyx, Flexion, Trevena amend IPOs
Orphan drug company Ultragenyx Pharmaceutical Inc. (Novato, Calif.), pain play Flexion Therapeutics Inc. (Burlington, Mass.) and neurology company Trevena Inc. (King of Prussia, Pa.) all amended planned IPOs on NASDAQ on Wednesday. Ultragenyx bumped up the proposed price range for its IPO and now plans to sell 4.8 million shares at $19-$20. Last week, the company said it planned to sell the same number of shares at $14-$17. At the $19.50 midpoint of the new range, Ultragenyx would raise $94.4 million and be valued at $548.7 million. JPMorgan; Morgan Stanley; Cowen; and Canaccord are underwriters. Ultragenyx in-licenses products in development for rare diseases, with a focus on metabolic genetic diseases. The company's UX001, an extended-release formulation of sialic acid, is in Phase II testing for hereditary inclusion body myopathy (hIBM).
Flexion plans to sell 5 million shares at $12-$14. At the $13 midpoint, the company would raise $65 million and be valued at $191.7 million. The company filed the offering earlier this month. BMO Capital Markets; Wells Fargo Securities; Needham; and Janney Montgomery Scott are underwriters. Next quarter, Flexion plans to start a Phase IIb trial of FX006 -- a sustained-release intra-articular formulation of triamcinolone acetonide -- to treat moderate to severe osteoarthritis (OA) pain (see BioCentury Extra, June 26, 2013). ...