Ultragenyx, NephroGenex set IPO terms
Orphan drug company Ultragenyx Pharmaceutical Inc. (Novato, Calif.) and kidney disease company NephroGenex Inc. (Research Triangle Park, N.C.) set IPO terms late Friday. Both companies are seeking to list on NASDAQ. Ultragenyx plans to sell 4.8 million shares at $14-$17. At the $15.50 midpoint, the company would raise $75 million and be valued at $436.2 million. JPMorgan; Morgan Stanley; Cowen; and Canaccord are underwriters. Ultragenyx filed to raise up to $86.3 million in the offering in November. The company in-licenses products in development for rare disease, including UX001. The extended-release formulation of sialic acid is in Phase II testing for hereditary inclusion body myopathy (hIBM), with data from an extension study expected by year end (see BioCentury, Jan. 6). ...