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PTC Therapeutics, Inc. IPO Raises $125 Million Despite Checkered Past



6/20/2013 7:12:09 AM

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PTC Therapeutics Inc. raised more than $125 million after the drug developer priced an initial public offering of its stock near the top end of the range it expected. The South Plainfield, N.J., company said it expects proceeds of about $114.2 million after deducting underwriting discounts and commissions. The company sold nearly 8.4 million shares at $15 per share. It had expected to price the stock between $13 and $16 per share, according to Securities and Exchange Commission filings. The banks managing the deal may buy about 1.3 million additional shares to sell if there's demand, which would increase the company's IPO proceeds.

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