August 2, 2017 / 5:06 PM / a year ago

BUZZ-Clementia Pharmaceuticals: Investors giving thumbs up to biotech IPOs

** Clementia Pharmaceuticals pops in debut, joining a recent string of successful biotech new listings

** CMTA opens 22 pct above its $15/sh IPO price, rises to session high $18.95, valuing co at ~$580 mln

** Canadian biotech offers 8 mln shares, raises $120 mln

** Deal upsized from original 7.15 mln shares and gets done at top of $13-$15 range

** Insiders including top existing shareholder OrbiMed (42 pct owner pre-IPO) indicated interest in buying up to $30 mln of the IPO

** Clementia picked up its lead drug palovarotene after Roche abandoned its development; drug was originally developed to treat emphysema, but was deemed ineffective

** Drug repurposed for fibrodysplasia ossificans progressiva (FOP), an ultra rare disease characterized by abnormal and uncontrolled bone growth in soft tissue

** Morgan Stanley and Leerink acted as joint bookrunners

** Clementia’s IPO follows strong returns posted by some of last month’s biotech debutantes: Akcea Therapeutics has risen >90 pct since going public, while Sienna Biopharmaceuticals, Kala Pharmaceuticals and Calyxt Inc are all up >30 pct

** Recent IPO coverage:

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