Satsuma Pharmaceuticals, which is developing a fast-acting dry powder nasal spray for migraines, raised $83 million by offering 5.5 million shares at $15, the midpoint of the $14 to $16 range. The company raised 10% more proceeds than expected by selling an additional 500,000 shares. Insiders had indicated on purchasing up to $25 million of the IPO (30% of the deal).
Satsuma Pharmaceuticals plans to list on the Nasdaq under the symbol STSA. Credit Suisse, SVB Leerink and Evercore ISI acted as lead managers on the deal.
