Talmer, Eagle Pharma, Flexion up in trading debuts
NEW YORK (AP) — Three companies, a bank and two drug developers, making their market debuts are trading higher on Wednesday on the Nasdaq.
They are the latest initial public offerings to hit the market in 2014 after high demand for IPOs in the last year as stock markets rose.
Here's a look at how the companies that began trading fared Wednesday:
TALMER BANCORP INC.
Talmer Bancorp's shares rose 70 cents, or 5.4 percent, to $13.70 in morning trading.
The holding company for Talmer Bank and Trust and Talmer West Bank raised about $202.8 million from its initial public offering of about 15.6 million shares at $13 a share. Most of those proceeds will go to selling shareholders, rather than the company.
Troy, Mich.-based Talmer said in a regulatory filing that it anticipates using part of its proceeds to fully repay the amount drawn on a line of credit to support its acquisition and recapitalization of Talmer West Bank. It plans to use the rest for general corporate purposes.
Talmer's stock is trading under the "TLMR" ticker symbol.
EAGLE PHARMACEUTICALS INC.
Shares of Eagle Pharmaceuticals Inc. gained 85 cents, or 5.7 percent, to $15.85.
The specialty pharmaceutical company raised approximately $51 million from its IPO of about 3.4 million shares at $15 per share.
Eagle Pharmaceuticals plans to use money from the offering for research and development, to expand U.S. and international sales and marketing efforts and for working capital and other general corporate purposes.
Eagle Pharmaceuticals' ticker symbol is "EGRX."
Lastly, shares of Flexion Therapeutics Inc. are up $2.20, or 16.9 percent, to $15.20. The specialty pharmaceutical company raised $65 million from its IPO of 5 million shares at $13 a share.
The company said in a filing that it plans to use the offering's proceeds for development expenses, working capital and other general corporate purposes.
The stock is trading under the "FLXN" ticker symbol.