NEW YORK Nov 7 Pharmaceutical firm ARYx Therapeutics Inc ARYX.O on Wednesday raised $50 million, with an initial public offering that priced in line with a lowered forecast.
The 5-million share offering priced at $10 per share, after ARYx cut its expected price from an earlier forecast range of $14 to $16, according to an underwriter.
Underwriters, led by Morgan Stanley (MS.N), have the option to purchase an additional 750,000 shares to cover overallotments, according to the company's filing with the U.S. Securities and Exchange Commission.
The company, based in Fremont, California, is trading on Nasdaq under the symbol "ARYX." ARYX.O (Reporting by Lilla Zuill, Editing by Gerald E. McCormick)