Orexo raises $40.9 million in IPO

Orexo (SSE:ORX) raised SEK333 million ($40.9 million) in an IPO on the Stockholm Stock Exchange's O List. The drug delivery company sold 3.7 million shares at SEK90, which gave it a post-money valuation of SEK1.2 billion ($147 million). The price was at the bottom of the company's proposed range of SEK90-SEK105. Joint-lead underwriters were Carnegie and ABG Sundal Collier.

ORX markets Diabact UBT, an oral diagnostic for Helicobacter pylori infection. Helicobacter pylori infections contribute to the formation of stomach ulcers. The company also has three products in clinical testing, including Rapinyl ( OX 20), a sublingual fentanyl that is in Phase III testing for acute cancer pain. Rapinyl is partnered with Endo (ENDP). ...