IPO market warms with Spero, Allena heading to Wall Street
Two Boston biotechs are diving in to a frothy IPO market this morning as they headed to the Nasdaq to raise a combined $152 million.
Antibiotics company Spero Therapeutics brought in $77 million by selling 5.5 million shares at $14 each. The company originally hoped to raise $92 million in the offering, according to a statement filed with the SEC in late October. Spero’s IPO was helped along with support from insiders, with Spero backers committing to buy 39% of its IPO ($30 million) before it went live.
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