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Article: Orexigen Prices IPO To Raise $84M For Obesity Programs.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
In one of the most successful initial public offerings so far this year, Orexigen Therapeutics Inc. priced 7 million shares at $12 apiece, raising $84 million to support ongoing development of its lead programs in obesity.
The price fell right in between the $11 to $13 range set by the company earlier this month, though Orexigen opted to sell 1 million more shares than originally planned. Underwriters will have the chance to buy up to an additional 1.05 million shares, which would total $12.6 million, to cover any overallotments.
On its first day of trading, Orexigen (NASDAQ:OREX) gained $1 to close at $14.
At a time when ...
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