BioCentury
ARTICLE | Financial News

Reata surges after IPO

May 27, 2016 12:56 AM UTC

Reata Pharmaceuticals Inc. (NASDAQ:RETA) gained $2.07 (19%) to $13.07 in its first day of trading Thursday after it raised $60.5 million through the sale of 5.5 million shares at $11 in an IPO underwritten by Citigroup, Cowen and Piper Jaffray. The IPO price valued Reata at $236.5 million.

In January, Reata filed to raise up to $80 million. Earlier this month, it had hoped to sell 4 million shares at $14-$16. At $15, it would have raised $60 million and been valued at $300 million. ...