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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