Apellis prices $150M IPO

Apellis Pharmaceuticals Inc. (NASDAQ:APLS) raised $150 million after market hours Wednesday through the sale of 10.7 million shares at $14 in an IPO underwritten by Citigroup, JPMorgan and Evercore. The price is at the midpoint of Apellis' proposed $13-$15 range and values the company at $689.6 million.

In August, Apellis said its lead candidate APL-2 met the primary endpoint of reducing lesion growth compared to sham procedure in the Phase II FILLY trial to treat geographic atrophy (GA), an advanced form of dry age-related macular degeneration (AMD) for which there are no approved treatments (see BioCentury, Oct. 13)...