CoLucid Pharmaceuticals, a late-stage biotech developing therapies for acute migraines, lowered the proposed deal size and valuation for its upcoming IPO on Tuesday.
The Burlington, MA-based company now plans to raise $55 million by offering 5.5 million shares for $10 each. It had previously filed to offer 5.36 million shares at a range of $13 to $15. At the revised price, CoLucid Pharmaceuticals will raise -27% fewer proceeds than previously anticipated; its proposed market cap drops 28% to $155 million.
CoLucid Pharmaceuticals, which was founded in 2005, plans to list on the NASDAQ under the symbol CLCD. Piper Jaffray and Stifel are the joint bookrunners on the deal. It is expected to price during the week of May 4, 2015.
