Ambit bumps shares, lowers price for proposed IPO

Ambit Biosciences Corp. (San Diego, Calif.) amended its IPO and now plans to sell more shares at a lower price. The company plans to sell 8.1 million shares at $8, which would raise $65 million and value the company at $141.7 million. Earlier this month, the company said it planned to sell 4.6 million shares at $13-$15. Existing investors have also agreed to purchase $25.1 million in shares in a concurrent private placement at the same price as those sold in the IPO. Citigroup; Leerink; BMO Capital Markets; and Baird are underwriters. Ambit proposed to raise up to $57.5 million in an IPO in February. ...