DUBLIN Nasdaq continues to put out the welcome mat for European drug development companies, with Ascendis Pharma A/S becoming the latest in a lengthening roster of firms to take up residence on the New York-based exchange.
Ascendis received a particularly warm reception. The Hellerup, Denmark-based specialty pharma priced its initial public offering (IPO) at $18 per share, at the top of the indicative range of $16-$18 it set at the outset of the book building process. It grossed $108 million from the sale of 6 million shares, having initially planned to issue just 5 million shares. After expenses, about $96.4 million will flow onto its balance sheet. The IPO price implies a market capitalization of $412.8 million.
Shares in the company began trading Wednesday, under the ticker symbol ASND, generating volume of more