Sitris completes IPO; raises $62.4M
The USA's Sirtris Pharmaceuticals has completed its initial public offering of 6,900,000 shares of common stock, which included 900,000 shares sold pursuant to the underwriters' exercise in full of their over-allotment option. All shares were sold at an initial public offering price of $10.00 per share, resulting in aggregate net proceeds of approximately $62.4 million after deducting underwriting discounts and commissions and estimated offering costs.
JP Morgan Securities acted as the sole book-running manager and CIBC World Markets Corp, Piper Jaffray & Co, JMP Securities and Rodman & Renshaw acted as co-managers for the offering.
The Cambridge, Massachusetts-based biopharmaceutical company is focused on discovering and developing small-molecule drugs to treat diseases of aging such as type 2 diabetes.
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