IPO Alert: Akebia Therapeutics, Inc. (AKBA) Surges in NASDAQ Market Debut
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New York, NY- Point Roberts, WA - March 20, 2014 (Investorideas.com Newswire) Investorideas.com, a global financial and business news source covering leading sectors including biotech, issues an IPO alert on Akebia Therapeutics, Inc. (AKBA). The stock surged in its NASDAQ IPO debut, opening at $22.90 and currently trading at $23.98.
Akebia Therapeutics, Inc. Initial public offering of 5,882,353 shares of common stock was set at $17.00 per share. In addition, Akebia has granted the underwriters a 30-day over-allotment option to purchase up to an additional 879,647 shares of common stock at the initial public offering price.
Morgan Stanley, Credit Suisse and UBS Investment Bank are acting as joint book-running managers and Nomura is acting as a co-manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 19, 2014.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company focused on the development of novel proprietary therapeutics based on hypoxia-inducible factor biology and the commercialization of these products for patients with kidney disease. Akebia’s lead product candidate, AKB-6548, is in a Phase 2b clinical trial in patients with anemia secondary to chronic kidney disease who are not dependent on dialysis. AKB-6548 is being developed as a once-daily oral therapy which works through the inhibition of hypoxia-inducible factor prolyl hydroxylase, leading to stabilization and increased levels of HIFα and therefore improved production of hemoglobin and red blood cells.
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