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Vitae Pharmaceuticals prices IPO at $8, well below the range; slashes valuation by 27%

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Vitae Pharmaceuticals, which is developing small molecule drugs for type 2 diabetes and Alzheimer's, raised $55 million by offering 6.9 million shares at $8, well below its $11-$13 price range. The Fort Washington, PA-based company had initially planned to raise $60 million by offering 5.0 million shares. At $8, Vitae now has a fully diluted market cap of $144 million, 27% below its initial proposed market cap of $198 million. Vitae Pharmaceuticals trades under the symbol VTAE on the NASDAQ. The stock was up 0.25% in late morning trading. Stifel and BMO Capital Markets acted as the joint bookrunners on the deal.

The article Vitae Pharmaceuticals prices IPO at $8, well below the range; slashes valuation by 27% originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

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


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

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