BioCentury
ARTICLE | Financial News

Constellation slips after pricing $60M IPO

July 19, 2018 12:51 AM UTC

Constellation Pharmaceuticals Inc. (NASDAQ:CNST) dipped $3.52 (23%) to $11.48 Thursday after it raised $60 million through the sale of 4 million shares at $15 in a downsized IPO. Underwriters are J.P. Morgan, Jefferies, BMO Capital Markets and Oppenheimer. The price valued Constellation at $385.5 million.

Last week, the company hoped to sell 5.3 million shares at $14-$16. A sale of that many shares at $15 would have raised $80.1 million and valued Constellation at $405.6 million. Constellation proposed in June to raise up to $86.3 million...