Ophthotech sets IPO range

Ophthotech Corp. (New York, N.Y.) amended its IPO and now plans to sell 5.7 million shares at $16-$19. At the $17.50 midpoint, the company would raise $100.1 million and be valued at $494 million. Morgan Stanley; JPMorgan; Leerink; and Stifel are underwriters. Last month, Ophthotech filed to raise up to $85 million in the offering (see BioCentury Extra, Aug. 15).

Also last month, Ophthotech began the first of three Phase III trials of Fovista in combination with Lucentis ranibizumab to treat wet age-related macular degeneration (AMD). Ophthotech licensed rights to Fovista, a pegylated aptamer against platelet derived growth factor B ( PDGFB; PDGF2), from Eyetech Inc., then a unit of OSI Pharmaceuticals Inc. OSI is now part of Astellas Pharma Inc. (Tokyo:450). ...