PTC Therapeutics, a US-based drugs developer for muscles, closed its initial public offering (IPO) on June 25, 2013, selling 9.6 million shares (including 1.3 million purchased by the underwriters) priced at $15 per share, for a total of $144.4 million. After underwriting discounts and commissions of $1.05 per share, PTC’s shares were priced at $13.95, raising $134.3m for the company.
PTC had planned to offer 6.9 million shares at between $13 and $16 each. In first day trading, PTC’s share price spiked to $16.90.
J.P. Morgan and Credit Suisse acted as joint book-running managers for the offering. Cowen and Company acted as co-lead manager and Wedbush PacGrow Life Sciences as co-manager.
PTC posted a $26m net loss on $34m in revenue for 2012, compared to $30m in net income on $105m in revenue for 2011.
Credit Suisse is PTC’s largest outside shareholder with a 14.8% pre-IPO stake, while drugs group Celgene owns 7% and peer Novo less than 5%.
Venture capital firms HBM Healthcare Investments (12%), Vulcan Capital (9%), Brookside Capital Partners (7%), Delphi Ventures (6.3%) and Column Group were also listed in the IPO regulatory filing.