BUZZ-Xenon Pharmaceuticals: Another strong IPO

Wed Nov 5, 2014 12:09pm EST
 
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** Canadian clinical-stage biopharmaceutical company's shares up about 9 pct at $9.78, latest in a string of first-day pops as the U.S. IPO market powers on after last month's short-lived stumble.

** Shares touched high of $10.47, valuing company at $122.2 mln.

** Offering of 4m shares priced at $9, below $10-$12 marketed range.

** Company's pharmaceutical partners include Teva, Genentech, and Merck.

** Teva Pharmaceuticals purchased $10 mln worth of IPO shares; Genentech purchased about $4.5 mln of common stock in separate, concurrent private placement, at IPO price.

** Xenon intends to use proceeds, about $33.3 mln, to fund preclinical development of DS and XEN901 programs, and genetic research. (RM: lance.tupper.thomsonreuters.com@reuters.net)