PolyPid, a Phase 3 biotech developing extended-release drugs to prevent surgical site infections, raised $60 million by offering 3.8 million shares at $16, within the range of $15 to $17. The company offered 625,000 more shares than anticipated. Insiders indicated on $27 million of the IPO. At pricing, the company commands a fully diluted market value of $319 million.
PolyPid plans to list on the Nasdaq under the symbol PYPD. Barclays and BMO Capital Markets acted as lead managers on the deal.
