Durham-based Novan – which is developing a treatment for acne without the use of antibiotics – has closed its initial public offering.
The IPO consisted of more than 4.7 million shares, with underwriters exercising in full their option to purchase 615,000 of those, according to a release issued by the drugmaker Monday. Novan raised $51.9 million, before underwriters' discounts and commissions, the release further stated.
Novan priced its IPO at $11 per share, and saw its stock soar on its first…
Durham-based Novan – which is developing a treatment for acne without the use of antibiotics – has closed its initial public offering.
The IPO consisted of more than 4.7 million shares, with underwriters exercising in full their option to purchase 615,000 of those, according to a release issued by the drugmaker Monday. Novan raised $51.9 million, before underwriters' discounts and commissions, the release further stated.
Novan priced its IPO at $11 per share, and saw its stock soar on its first…