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NEW YORK, N.Y. - Drug developer Akebia Therapeutics and burn treatment maker MediWound both went public Thursday as the tide of health care IPOs continued to rise.
The health care sector has seen more IPOs than any other industry over the last year.
Akebia Therapeutics raised $100 million before expenses, as the company expanded its IPO to 5.9 million shares and the offering priced at $17 per share. The Cambridge, Mass., company had expected to sell 4.9 million shares at $14 to $17 a share. The company the proceeds of its IPO will find development of its anemia treatment AKB-6548 and studies of a potential cancer treatment as well as working capital.
Shares of Akebia Therapeutics Inc. are listed on the Nasdaq Global market under the ticker symbol "AKBA." They advanced $6.19, or 36.4 per cent, to $23.19 in midday trading.
MediWound raised $70 million, as its IPO of 5 million shares priced at $14 each. That was at the low end of MediWound's expectations, as it expected the offering to price at $14 to $16 per share. The Israeli company will use the IPO proceeds to expand its sales and marketing and research and development operations and build up additional manufacturing capacity.
MediWound Ltd. shares climbed $3.01, or 21.5 per cent, to $1701. The stock is listed on the Nasdaq Global Market under the ticker symbol "MDWD."
Elsewhere, shares of online banking software maker Q2 Holdings Inc. also traded higher. Q2's IPO priced at the high end of expectations, with 7.8 million shares starting at $13 million for a total of $101 million in gross proceeds. The stock gained $2.55, or 19.6 per cent, to $15.55.
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