Seeking Alpha

Acceleron Pharma soars following IPO

  • After pricing its IPO at $15 and upsizing its offering 5.58M shares from a prior 4.65M, Acceleron Pharma (XLRN) opened at $18.90 and is currently at $19.13, up 27.5%. That gives the drug developer a market cap of $509M.
  • Existing investor/partner Celgene (CELG -0.4%) bought 667K shares in a private placement coinciding with the IPO. The purchase raises Celgene's stake in Acceleron to 12.3%. Acceleron and Celgene teamed up in 2011 to develop the latter's ACE-536 drug, which aims to combat anemia.
  • Acceleron had $41.4M in revenue in 1H (up over 5x Y/Y), and net income of $14.7M. In addition to ACE-536, the company is working on cancer and kidney disease drugs.
  • S-1, IPO preview
Comments (1)
  • chaunceycc
    , contributor
    Comment (1) | Send Message
    I am watching XLRN with great interest due to a family member who is a long time key employee there.
    20 Sep 2013, 12:59 AM Reply Like
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