On their first day as public companies, Egalet broke even, Eleven Biotherapeutics gained 8.5% and Revance Therapeutics closed 67.8% above its initial public offering price on 6 February.
Malvern, Pennsylvania-based Egalet launched its IPO at $12 per share for gross proceeds of $50.4m on 5 February, and on the following day the extended-release pain drug developer's stock closed at $12 after trading as high as $12.66. Egalet's offering priced in the middle of a prior $11 to $13 range and the company increased its IPO from 3.5m to 4.2m shares (scripintelligence
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