Calithera Biosciences, First Bay Area IPO in 2 Months, Raises $80M
October 02, 2014
The first IPO by a Bay Area company since late July encountered mixed success on Thursday.
South San Francisco-based Calithera Biosciences priced its IPO at $10, well below its target range of between $13 and $15. But it sold an extra 2 million shares to hit $80 million in funds raised in the offering.
That is slightly above the $78 million it would have raised at the low end of its price target and had it gone with its original plan to sell 6 million shares.
Calithera opened trading on Nasdaq at $9.77 and bounced above and below its IPO price before closing at $9.41, down about 6 percent.
The offering is one of three planned this week by companies in the region, with a pair or Redwood City companies — Dermira and Yodlee — expected to price Thursday night and begin trading on Friday.
It comes amid news that Los Altos-based Box has decided the markets are too turbulent this year and has decided to go public in 2015.
Calithera is scheduled to begin trading on Nasdaq Thursday with the symbol of CALA.
The 36-employee South San Francisco company is developing a drug called CB-839, designed to inhibit glutaminase, which cancer cells eat for energy.
Calithera raised nearly $100 million since its 2010 founding. Its largest shareholders are Delphi Ventures, Morgenthaler Venture Partners, Advanced Technology Ventures, Adage Capital Management, T. Rowe Price Associates, Wellington Management Co. and Longwood Fund.
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