Cystic Fibrosis Drug Maker Nivalis Therapeutics Has $77M IPO
Nivalis Therapeutics, a Boulder, CO-based drug company developing a treatment for cystic fibrosis, made its debut on the Nasdaq on Wednesday with a $77 million public offering. Formerly N30 Pharmaceuticals, Nivalis (NASDAQ: NVLS) sold 5.5 million shares, more than it had previously planned, at $14 each. Shares opened the day at $16.50 and climbed to $17.84 within the first hour of trading before dropping to $15.03 at 1 p.m. MT. That gives Nivalis a market capitalization around $219 million.