Targanta IPO prices at $10/shr, below range
NEW YORK, Oct 9 (Reuters) - Biopharmaceutical company Targanta Therapeutics raised $57.5 million on Tuesday with an initial public offering that priced well below a forecast range.
The offering of 5.75 million shares sold for $10 a piece compared with a forecast range of $12 to $14, according to an underwriter.
Underwriters, led by Credit Suisse, have the option to purchase an additional 862,500 shares to cover overallotments.
The Cambridge, Massachusetts-based company plans to list its shares on Nasdaq under the stock symbol "TARG." (TARG.O: Quote, Profile, Research, Stock Buzz) (Reporting by Lilla Zuill, editing by Jeffrey Benkoe)
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