BioCentury
ARTICLE | Financial News

Minerva raises $32.7 million in IPO

July 2, 2014 12:21 AM UTC

Minerva Neurosciences Inc. (NASDAQ:NERV) raised $32.7 million through the sale of 5.5 million shares at $6 in an IPO. The $6 price values the company at $109.7 million. Earlier this month, the company said it planned to sell the same number of shares at $10-$12. Jefferies; Baird; and JMP Securities are underwriters. Minerva was up $0.05 to $6.05 on its first day of trading Tuesday.

Minerva also raised $19.7 million through the sale of 3.3 million shares at $6 to Johnson & Johnson Development Corp. in a concurrent private placement. JJDC is the venture arm of Johnson & Johnson (NYSE:JNJ). Minerva also paid J&J's Janssen Pharmaceutica N.V. subsidiary a $22 million upfront payment as part of a February deal to co-develop MIN-202, an orexin 2 receptor ( HCRTR2; OX2R) antagonist, for insomnia (see BioCentury Extra, June 19). ...