Ambit forced to offer a deep discount on IPO shares

Ambit Biosciences has priced its star-crossed IPO at $8 a share, forced to take a deep discount on the initial range of $13 to $15 that was trotted out to skeptical investors. The biotech sold a bit more than 8 million shares at the reduced price, rather than the 4.6 million shares it had intended. Just weeks after it announced the IPO, its second shot at going public, Astellas decided to dump its $390 million pact with Ambit on quizartinib and other FLT-3 inhibitors covered in their deal. Ambit's shares will now trade under the "AMBI" symbol. Release

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