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ARTICLE | Finance

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U.S. diabetes and obesity play GI Dynamics raises $85M in Australian IPO

September 12, 2011 7:00 AM UTC

Massachusetts-based GI Dynamics Inc. (ASX:GID) opted to price its IPO on the Australian Securities Exchange on the advice of board members with experience listing U.S. life sciences companies on the ASX. A driver of the decision was the almost non-existent U.S. IPO market for life sciences companies.

The diabetes and obesity play last week raised A$80 million ($84.7 million) through an IPO and U.S. private placement. It sold a total of 72.7 million CHESS Depository Interests (CDIs) at A$1.10. Each CDI represents a fifth of a common share. The offerings valued GI Dynamics at A$304.7 million ($322.7 million)...