Portola, Alcobra price IPOs
Portola Pharmaceuticals Inc. (NASDAQ:PTLA) raised $122.1 million and Alcobra Ltd. (NASDAQ:ADHD) raised $25 million after pricing their IPOs on Wednesday. Portola sold 8.4 million shares at $14.50, the mid-point of its proposed $13-$16 range. The price values the company at $491.3 million. Earlier this month, Portola had amended its IPO and said it planned to sell 6.9 million shares at $13-$16. Morgan Stanley; Credit Suisse; Cowen; William Blair; and Sanford C. Bernstein are underwriters. Portola's betrixaban is an oral Factor Xa inhibitor in Phase III testing for hospital and post-discharge prevention of venous thromboembolism (VTE) in high-risk acutely medically ill patients.
Alcobra sold 3.1 million shares at $8, below its proposed $10-$12 price range. The $8 price values the company at $89 million. Earlier this month, Alcobra had amended its IPO and said it planned to sell 2.3 million shares at $10-$12. Aegis Capital; Sunrise Securities; and Feltl are underwriters. Alcobra plans to start Phase III testing of MG01CI in the U.S. to treat ADHD in adults in 4Q13. MG01CI is an extended-release formulation of metadoxine. ...