Rhythm Phar­ma IPO goes over the top, snags $120M in lat­est sign the biotech win­dow is wide open

Rhythm Phar­ma­ceu­ti­cals $RYTM be­came the lat­est biotech to tap in­to a buoy­ant mar­ket, rais­ing $120 mil­lion in an IPO that went over the range at $17 a share. And they can add sub­stan­tial­ly to that if the un­der­writ­ers pick up an­oth­er mil­lion shares on the ta­ble.

The Boston-based biotech filed its S-1 just weeks ago, out­lin­ing its late-stage plans for POMC de­fi­cien­cy obe­si­ty and LepR de­fi­cien­cy obe­si­ty. The biotech post­ed some com­pelling but ex­treme­ly lim­it­ed da­ta on its MC4R ag­o­nist set­melan­otide — des­ig­nat­ed as a break­through ther­a­py by the FDA — for the treat­ment of rare ge­net­ic dis­or­ders of obe­si­ty, with two pa­tients to re­port on a year ago.

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