The biopharmaceutical firm priced its offering at $16 per share, hitting the exact midpoint of its initial $15 to $17 guidance. Trading activity saw the stock debut at $24 before reaching $25.05, a gain of roughly 57%. The company is currently listed on the Nasdaq Global Select Market under the ticker symbol SGP.
Management expects the offering to yield gross proceeds of approximately $150 million upon its anticipated closing on Feb. 9. These funds are slated to support the development of proprietary drug delivery technologies tailored for patients suffering from chronic eye conditions. To manage potential demand, the company granted its underwriters a 30-day option to purchase up to 1.4 million additional units.
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