5/8/2014 8:50:27 AM
As Alder Biopharmaceuticals can attest to today, the biotech IPO train has hit the skids. The Bothell, WA-based company has priced its IPO at $10 per share, well below its projected $13 to $15 per share range, according to IPO research firm Renaissance Capital. Alder upsized its offering to 8 million shares from 7.2 million to take itself public, good for an $80 million haul before discounts due to underwriters—but far short of the $115 million it planned to raise when it first filed its S-1 in March. Alder will begin trading today on the Nasdaq today under the ticker symbol “ALDR.”
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