Monday, March 15, 2021

Longboard Pharmaceuticals Raises $80M In IPO

San Diego-based Longboard Pharmaceuticals, which is developing medicines for neurological diseases, raised $80M in its IPO last week, selling 5,000,000 shares of its common stock at a price of $16.00 per share. The company is now trading on the Nasdaq Global Market as LBPH. Longboard Pharmaceuticals was spun out of Arena Pharmaceuticals in January of 2020, focused on advancing a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). The IPO was run by Citigroup, Evercore ISI, Guggenheim Securities and Cantor.