GenMark prices IPO

GenMark Diagnostics Inc. (NASDAQ:GNMK) raised $27.6 million through the sale of 4.6 million shares at $6 in an IPO underwritten by Piper Jaffray; William Blair; and ThinkEquity. The price values the company at $70.3 million. The company had planned to sell 4.5 million shares at $8-$10. Had the company sold 4.5 million shares at the $9 mid-point of that range, it would have raised $40.5 million and been valued at $104.6 million. GenMark was off $0.60 (10%) to $5.40 in its first day of trading on Friday.

Osmetech plc (LSE:OMH) founded GenMark in February as part of a plan to relocate to the U.S. and transfer its listing to NASDAQ. Upon closing the offering, GenMark will acquire Osmetech, with Osmetech shareholders receiving one share of GenMark for every 230 shares of Osmetech. ...