Prepping PhIII for Soliris rival, Apellis rides a boisterous market to a $150M IPO
The second time proved the charm for Apellis Pharmaceuticals’ IPO plans. The Kentucky biotech, which has been racking up venture cash and positive data, priced their IPO at $14 a share — right in the middle of the range. That translates into a $150 million score for 10.7 million shares in the latest example of Wall Street’s newfound passion for biotech.
Underwriters now have a shot at 1.6 million shares at the same price for the biotech, which will begin trading under the $APLS symbol. That would be worth a $22 million add-on. Apellis tried to mount an IPO in early 2016 for about half of what it gained this week, but had to recoil from a chilly market.
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