Gossamer Bio became San Diego’s newest publicly traded company this week, bringing in a hefty haul of $276 million in its initial public offering. The offering indicated that the bull market for biotech, prevalent during last year, continues.
The biotech company is led by veterans of multiple sclerosis drug developer Receptos, purchased in 2015 for $7.3 billion. It had originally planned to sell enough shares at $16 apiece to raise $230 million, but raised the number because demand was higher than expected.
Gossamer began trading Friday on Nasdaq under the ticker GOSS. Shares began the day at $19 each, up from the $16 IPO price reached late Thursday. Shares closed at $17.94, up $1.94 for the day.
Gossamer's IPO price, and Friday’s closing price, value the company at more than $1 billion. That status is also shared by another biotech, San Francisco’s Alector, which began trading on Thursday.
Source : https://www.sandiegouniontribune.com/business/biotech/sd-me-gossamer-bio-ipo-san-diego-20190208-story.html