Coley sets IPO price at top of range

Coley Pharmaceutical priced its IPO of 6 million shares at $16 per share, at the top of its projected range. Coley hoped to raise $97 million as shares started trading today under the COLY symbol. Under the terms of a separate agreement, Pfizer is buying 625,000 shares at $16 per share. Wellesley, Massachusetts-based Coley is developing drugs that direct the human immune system to fight cancers. A successful IPO here would be a big encouragement to the industry, which has seen biotechs taking a big discount when going public this year.

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