Cumberland Pharmaceuticals Inc. raised $85 million in the company's initial public offering Monday.
The share price of $17 per share was below the Nashville-based company's earlier projections of $19 to $21 per share. Still, it was touted as the first IPO by a pharmaceutical company in almost two years.
The company's common stock is expected to begin trading on the NASDAQ Global Select Market Tuesday under the trading symbol "CPIX."
After paying expenses related to the offering, the company is expected to net about $75 million, which will be used for potential acquisitions, addition to the company's sales force and the launch of Caldoloran, an intravenous form of ibuprofen.
Caldolor's primary use will be for hospitalized patients who are unable to receive oral medication for pain relief and fever reduction. Company officials says the U.S. market for injectable pain relievers was about 679 million units in 2008.
The deal was underwritten by UBS Investment Bank, Jeffries & Co. and Wells Fargo Securities.
www.bizjournals.com
