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Anthera Pharmaceuticals completes IPO

Thu, 03/04/2010 - 1:17pm
The Associated Press

Anthera Pharmaceuticals Inc. said Thursday it completed its IPO and has net proceeds of $36.7 million.

On Monday, the company started its IPO at $7 per share, marking a cut from its prior price range of $13 to $15. Also, the company boosted the number of shares to 6 million from 4.6 million.

The company is still in development stage, which means it has no marketed drugs. Its lead drug candidate is a potential heart condition drug.

The lead underwriter of the offering is Deutsche Bank Securities Inc. The company granted underwriters a 30-day option to buy up to an additional 900,000 shares to cover over-allotments.

Anthera also said it privately placed just under 2.6 million shares of common stock to existing investors for $6.58 apiece, or an additional $17.1 million. The company also issued about 531,914 shares of stock to Eli Lilly and Shionogi and Co. Ltd in satisfaction of a $3.5 million milestone payment related to the initiation a drug development program.

Shares of Anthera fell 4 cents to close at $7.08 Thursday.

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