Rare dis­ease play­er that went pub­lic in biotech's go-go years merges with spe­cial­ty phar­ma in all-stock deal — at a frac­tion of the de­but price

Strong­bridge Bio­phar­ma went pub­lic in the sum­mer of 2015, the tail end of a biotech boom on Nas­daq, with a sol­id pitch. Al­most 20 years old at that time, it was to fo­cus on in-li­cens­ing, de­vel­op­ing and then com­mer­cial­iz­ing treat­ments for rare dis­eases that it be­lieves has po­ten­tial to be fran­chis­es in the US and the EU with a tiny sales­force. RA Cap­i­tal, New En­ter­prise As­so­ciates and Long­wood Cap­i­tal were among its in­vestors.

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