US-based biopharmaceutical company ChemoCentryx floated on Wednesday with stock priced at $10.00 per share, down from the $14-$16 range it set on 23rd January. Additionally, 4.5 million shares were issued, up from the 4 million originally cited in ChemoCentryx’s prior filing.
ChemoCentryx, which develops orally-administered drugs to treat cancer, inflammatory diseases and autoimmune diseases, will use the money to advance three of its drug candidates through clinical trials, particularly a drug that combats kidney damage in diabetes sufferers.
The two largest shareholders in ChemoCentryx remain pharmaceutical conglomerate the Glaxo Group, which now holds 21.7% of ChemoCentryx’s stock, and biotechnology corporation Techne, holding 18.3%. Glaxo and Techne acquired 700,000 and 500,000 shares respectively, for the $10.00 price, in concurrent private placements.
Additional shareholders in ChemoCentryx, with their post-IPO stock percentages, are OrbiMed Advisors (9.5%), HBM BioVentures (7.9%), Alta Partners (5.6%) and HealthCap (5.5%).
Underwriters, which will have the option to purchase an additional 675,000 shares to cover over-allotments, are JP Morgan, Citigroup Global Markets, and Cowen and Company.
Chemocentryx’s shares opened at $10.49 on NASDAQ, and surged as high as $12.77 before closing at $11.00 at the end of the day.