Annexon, a Phase 1 biotech developing therapies for rare autoimmune diseases, raised $251 million by offering 14.8 million shares at $17, above the narrowed range of $15 to $16. The company offered 2.3 million more shares than anticipated. It originally planned to offer 10 million shares at a range of $14 to $16, before increasing its proposed deal size on Thursday morning. At pricing, the company commands a fully diluted market value of $640 million.
Annexon plans to list on the Nasdaq under the symbol ANNX. J.P. Morgan, BofA Securities, and Cowen acted as lead managers on the deal.
