Omthera discounts IPO shares, prices at $8

Omthera has priced its IPO of 8 million shares at $8 apiece, forced to offer a deep discount on the $12 to $14 range that was laid out in March. These kinds of discounts remain a common feature among biotech IPOs this year. With the market buoyant all around, a number of drug developers which had been forced to sit out a long-term drought have now piled into the market, often meeting a lukewarm reception as they lay out high risks and lots of red ink. The biotech, which is developing an omega-3 drug, is listing its shares on the Nasdaq under $OMTH. BofA Merrill Lynch, Barclays and Leerink Swann served as joint bookrunners on the IPO. Story

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