Friday, May 27, 2016

Reata Pharmaceuticals Raises $60.5M In IPO, Surges Bump In Debut

Irving, Texas-based Reata Pharmaceuticals raised $60.5M in its IPO on Thursday, with its debut on the NASDAQ Global Market as RETA. Reata, which priced its IPO late Wednesday at $11 per share, closed at $13.07 per share on Thursday. The company--which priced below its initial estimates of $14 and $16 per share--was backed by CPMG, Novo A/S, Cardinal Investment Company, and AbbVie, among others. The IPO was underwritten by Citigroup, Cowen and Company, and Piper Jaffray.