Tetraphase Pharmaceutical prices IPO below the range at $7, raising $75 million

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Tetraphase Pharmaceuticals, which is developing antibiotics to treat serious abdominal and urinary tract infections, raised $75 million by offering 10.7 million shares at $7, below the revised range of $8 to $10. The company had originally filed to offer 6.8 million shares at a range of $10 to $12 ($75 million deal size; $189 million market cap) before filing an amendment yesterday with plans to sell 8.3 million shares at a range of $8 to $10 ($75 million deal size; $168 million market cap). At the $7 offer price, Tetraphase commands a market cap of $147 million. The biotech, which initially filed confidentially on 11/15/2012, plans to list on the NASDAQ under the symbol "TTPH". Barclays and BMO Capital Markets acted as lead managers on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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Referenced Stocks: TTPH

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