Targanta shares start trading at a discounted price

Shares of Targanta began trading today at $10 a share, a significant discount under the $12 to $14 range it set for itself last month. That discount will cut the company's take from the IPO from a projected $92 million to $57.5 million. Targanta's trouble going public underscores the generally lackluster results biotech companies have been seeing this year on the public markets. Targanta plans to submit its antibiotic oritavancin for FDA approval in early '08. The biotech reported a loss of about $30 million last year. Targanta came in second on our list of the top five VC deals of the first half of 2007.

- see the release on the IPO
- here's the report from Mass High Tech

Read more on: Biotech IPOs

Suggested Articles

Insitro picked up $143 million to build out its technology, pursue new targets and advance treatments for genetically defined patient groups.

Generation Bio filed for a $215 million IPO to advance a pair of gene therapies for liver disease and push one of them into the clinic.

The IPO will push Avidity's lead muscle disorder program through IND-enabling studies and into the clinic in 2021.