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Cumberland prices IPO

August 12, 2009 12:43 AM UTC

Cumberland Pharmaceuticals Inc. (NASDAQ:CPIX) raised $85 million through the sale of 5 million shares at $17 in an IPO underwritten by UBS; Jefferies; Wells Fargo; and Morgan Joseph. The deal came in below the proposed range of $19-$21 and values the company at $290.6 million. A $20 price would have raised $100 million and valued the company at $341.8 million. Cumberland was off $0.17 to $16.83 in its first day of trading on Tuesday. ...