Ophthotech prices IPO at $22, above the upwardly revised range
Ophthotech, a late-stage biotech developing novel therapeutics for eye diseases, raised $167 million by offering 7.6 million shares at $22, above the upwardly revised range of $19 to $20. It had previously filed to raise $100 million by offering 5.7 million shares at range of $16 to $19. The company now commands a market cap of $662 million, a 34% increase over its previously proposed market cap of $494 million. Ophthotech, which was founded in 2007, will list on the NASDAQ under the symbol OPHT. Morgan Stanley and JP Morgan were the joint bookrunners on the deal.