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Agios Pharmaceutials Files For Initial Public Offering (IPO)

July 29, 2013

Agios Pharmaceuticals, a Cambridge, Massachusetts pre-clinical biopharmaceutical company, develops treatments for cancer and Inborn Errors of Metabolism (IEMs). IEMs are a subset of orphan genetic metabolic diseases.  IEMs are caused by mutations or defects in metabolic genes that cause substances to build up in the body and affects metabolic functions. Agios Pharmaceuticals’ most advanced drug candidate for IEMs is AG-348, which targets a rare form of inherited anemia know as Pyruvate Kinase (PK) deficiency. PK deficiency currently has no effective treatment. AG-348 is expected to commence clinical development in 2014.

Agios Pharmaceuticals announces on July 23, 2013, the pricing of its IPO of approximately 5.9 million shares of common stock at a public offering price of $18.00/share (before underwriting discounts). Agios Pharmaceuticals is to be listed on the NASDAQ under the ticker symbol “AGIO”. J.P. Morgan and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.

According to a SeekingAlpha.com article, Agios Pharmaceuticals rose approximately 74% in its market debut, on July 24, 2013, which “made it the best biotech first-day return since Pain Therapeutics rose 82.3% in its July 2000 debut”. The company raises $106 million in an upsized IPO that values the company at a market cap of $542 million. In April 2010, Agios Pharmaceuticals enters into a global strategic collaboration with Celgene to discover, develop, and deliver novel disease-altering therapies in oncology.

References

Agios Pharmaceuticals Pipeline

Pyruvate Kinase Deficiency (NIH Genetics Home Reference).

Please Note: “Dollar Symbol Gold” by Rugby471 (Own work) [GFDL] | Wikimedia Commons.

Copyright © 2012-2013, Orphan Druganaut Blog. All rights reserved.

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