Rare Daily Staff
Rhythm Pharmaceuticals, which is developing peptide therapeutics for treatment of rare genetic deficiencies that result in life-threatening metabolic disorders, raised $120 million through an upsized initial public offering.
Shares quickly traded up in its debut reaching a high of $33.81 before closing its first session of trading at $30, up $13.00 or 76.5 percent on volume of 6.9 million shares.
The company sold a little more than 7 million shares of common stock at a public offering price of $17 per share. That was above its expected range of $14 to $16 and increased from the 6.7 million shares it expected to offer. The shares will trade on the NASDAQ Global Market under the ticker symbol “RYTM.”
Morgan Stanley, BofA Merrill Lynch and Cowen are acting as the lead book-running managers of the offering. Needham & Company is acting as the co-manager for the proposed offering.
Boston-based Rhythm’s lead peptide product candidate is setmelanotide, a first-in-class melanocortin-4 receptor agonist for the treatment of rare genetic disorders of obesity.
October 5, 2017