Strongbridge Biopharma, a late-stage biotech developing therapies for rare endocrine disorders, raised $25 million on Thursday by offering 2.5 million shares (80% insider) at $10. The Trevose, PA-company originally planned to offer 4.25 million shares at $17.93, before it slashed its terms, added insider buying and removed lead left bookrunner BofA Merrill Lynch on Wednesday. Existing shareholders, including RA Capital and NEA, purchased up to $20 million, or 80%, of the deal, which essentially makes this a private placement.
Strongbridge Biopharma will list on the Nasdaq under the symbol SBBP. Stifel is the sole bookrunner on the deal.
