Bloomberg News

Opthotech Boosts Public Offering Size to as Much as $152 Million

September 24, 2013

Opthotech Corp. (OPHT:US), developer of eye-disease treatments, boosted the amount it plans to raise from a U.S. initial public offering to as much as $152 million.

The company is offering 7.6 million shares for $19 to $20 each, according to a regulatory filing today. Opthotech originally sought to sell 5.72 million shares for $16 to $19 apiece, based on a filing from September 9.

Investor interest in biotechnology companies is surging, with the Nasdaq Biotechnology Index up more than 50 percent so far this year. Other drug-related companies including Quintiles Transnational Holdings Inc. (Q:US) and Portola Pharmaceuticals Inc. also offered more shares in their IPOs to capitalize on rising stock prices.

Opthotech, based in Princeton, New Jersey, has no revenue and operates at a loss. The company plans to use the IPO proceeds to fund trials of its most-advanced candidate, Fovista, to treat wet age-related macular degeneration, or wet AMD. That disease, if untreated, can cause severe vision loss, according to the filing.

Quintiles, a provider of testing services to drugmakers, is up 6.5 percent since its May 9 debut. Portola, developer of treatments for blood clots, has surged 68 percent through yesterday since its IPO on May 22.

Morgan Stanley and JPMorgan Chase & Co. are managing the IPO. Opthotech plans to list on the Nasdaq Stock Market under the symbol OPHT.

To contact the reporter on this story: Leslie Picker in New York at lpicker2@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net


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Companies Mentioned

  • OPHT
    (Ophthotech Corp)
    • $47.0 USD
    • -0.47
    • -1.0%
  • Q
    (Quintiles Transnational Holdings Inc)
    • $60.39 USD
    • 1.01
    • 1.67%
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