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.