Wednesday morning, Sirtris Pharmaceuticals, Inc. (SIRT), a biopharmaceutical company, announced initial public offering of 6.9 million shares of common stock, which included 900 thousand shares sold pursuant to the underwriters' exercise in full of their over-allotment option.
The Cambridge, Massachusetts-based company focused on discovering and developing small molecule drugs to treat diseases of aging such as type 2 diabetes said all shares were sold at $10.00 per share, resulting in aggregate net proceeds to Sirtris of about $62.4 million after deducting underwriting discounts and commissions and estimated offering expenses.
J.P. Morgan Securities Inc. acted as the sole book-running manager and CIBC World Markets Corp., Piper Jaffray & Co., JMP Securities LLC, and Rodman & Renshaw, LLC acted as co-managers for the offering.
SIRT is currently up $0.33 or 2.61% and trades at $12.97.
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