Liver disease play NGM raises $106.7M in IPO

Shares in NGM slipped $1.30 to $14.70 on Thursday after the company raised $106.7 million in an IPO that priced at the top of the company's proposed range.

NGM Biopharmaceuticals Inc. (NASDAQ:NGM) sold 6.7 million shares at $16, at the high end of its $14-$16 range. Concurrently, it raised another $65.9 million through the sale of 4.1 million shares at $16 in a private placement with Merck & Co. Inc. (NYSE:MRK), giving the pharma a 19.9% stake. The price valued NGM at just over $1 billion...