Sage, Pfenex amend IPOs

Neurology company Sage Therapeutics Inc. (Cambridge, Mass.) amended an IPO on NASDAQ, while biosimilar play Pfenex Inc. (San Diego, Calif.) amended an NYSE IPO.

Sage now plans to sell 5 million shares at $17-$18. At the $17.50 midpoint, the company would raise $87.5 million and be valued at $436.8 million. On July 9, the company amended the offering to sell 4 million shares at $14-$16. At the $15 midpoint, the company would have raised $60 million and been valued at $359.4 million. Sage filed to raise up to $69 million in the offering last month. JPMorgan; Goldman Sachs; Leerink Partners; and Canaccord are underwriters. Sage's SAGE-547 is in Phase I/II testing to treat super refractory status epilepticus, a rare disease in which patients experience continuous or rapidly repeating seizures. Data from the trial are expected this half. The compound is a positive allosteric modulator (PAM) of GABA A receptor. ...