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ARTICLE | Financial News

May 8 Financial Quick Takes: Trevi IPO, BMS, GeneQuantum

May 8, 2019 8:54 PM UTC

Trevi prices $55M IPO below range
Trevi Therapeutics Inc. (NASDAQ:TRVI) shares gained back some ground Wednesday -- adding $0.34 to $8.23 for the day -- after tumbling out of the gate on Tuesday, when it raised $55 million through the sale of 5.5 million shares at $10 in an IPO that priced below the proposed $14-$16 range and valued the company at $177.7 million. Concurrently, Trevi raised an additional $15 million in a private placement with a fund affiliated with New Enterprise Associates, giving the fund a 27.7% stake. Trevi is developing nalbuphine ER to treat chronic pruritus, chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and levodopa-induced dyskinesia in Parkinson’s patients (see "Itch Company Trevi Files for IPO").

BMS prices $19B in notes for Celgene acquisition
Bristol-Myers Squibb Co. (NYSE:BMY) priced $19 billion of senior unsecured notes that will be issued over nine tranches. The pharma said the offering is being done in connection with its proposed acquisition of Celgene Corp. (NASDAQ:CELG) for $74 billion that is slated to close next quarter (see “Bristol-Myers’ Next Phoenix Act?”)...