Inotek raises $60M in IPO and notes offering

Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) was unchanged at $6 in its first day of trading on Wednesday after raising a combined $60 million in a downsized IPO and concurrent notes offering. Cowen; Piper Jaffray; Canaccord; and Nomura were underwriters.

Inotek raised $40 million in the IPO through the sale of 6.7 million shares at $6. The price valued the ophthalmology company at $95.3 million. The company proposed in January to sell 4.6 million shares at $13-$15. At $14, it would have raised $65 million and been valued at $191.3 million. ...