Biodel, drug reformulator, raises $75M in IPO
Danbury, Conn.-based Biodel priced a five million share initial offering at $15 per share, raising $75 million before fees and concessions. The offering priced in the middle of Biodel’s expected range of $14 to $16 per share, making it one of the more successful drug-related IPOs in recent months. The shares, which trade under the symbol BIOD, opened at $16.50 and have since risen to the $17-$18 range.
The company’s announcement is here. Biodel reformulates FDA-approved drugs for endocrine disorders such as diabetes or osteoporosis.
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About the Author, David P. Hamilton
David Hamilton has been writing for VentureBeat LifeScience since April 2007. He formerly spent 14 years as a reporter for the Wall Street Journal in its San Francisco and Tokyo bureaus. Prior to that, he spent several years as a reporter at Science Magazine and as a reporter/researcher for the New Republic, both in Washington.