Akcea IPO stum­bles and falls well be­low the range, but still rais­es $175M

In­vestors weren’t will­ing to pay what Akcea Ther­a­peu­tics $AK­CA want­ed for their IPO shares, but by adding to the load of stock on of­fer the Io­n­is spin­off still man­aged to raise $125 mil­lion. That set up No­var­tis to fol­low through on a promise to buy up an­oth­er $50 mil­lion in shares, bring­ing the to­tal to $175 mil­lion.

Akcea had set the range at $12 to $14 a share, but the fi­nal fig­ure last night rang in at $8, falling far short of the goal. Cowen, Stifel and Wells Far­go Se­cu­ri­ties are act­ing as joint book run­ning man­agers for the of­fer­ing.  BMO Cap­i­tal Mar­kets is act­ing as lead man­ag­er for the of­fer­ing.

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