PTC raises $125.6 million in IPO
PTC Therapeutics Inc. (NASDAQ:PTCT) jumped $1.49 (10%) to $16.49 in its first day of trading on Thursday after the company raised $125.6 million in an IPO through the sale of a bumped-up number of shares within its proposed price range. PTC sold 8.4 million shares at $15, which values the company at $335.2 million. Earlier this month, the company said it planned to sell 6.9 million shares at $13-$16. JPMorgan; Credit Suisse; Cowen; and Wedbush are underwriters. PTC, which had pulled its initial IPO in 2007, refiled for an IPO last month.
PTC is one of three companies vying to gain the first approved drug for Duchenne muscular dystrophy (DMD). Last December, EMA accepted for review an MAA from PTC seeking conditional approval of the company's ataluren ( PTC124) to treat nonsense mutation DMD. The small molecule that facilitates complete translation of proteins containing nonsense mutations is in a confirmatory Phase III trial (see BioCentury, June 6). ...