Agios Pharma Prices IPO At $18/shr, Above Estimated Range - Quick Facts

(RTTNews) - Biopharmaceutical company Agios Pharmaceuticals Inc announced the pricing of initial public offering of 5.89 million common shares at $18 per share, before underwriting discounts, which is above its previously estimated range of $14 to $16 per share. The company expects to close the offering on July 29, 2013.

In addition, Agios has granted the underwriters a 30-day option to buy up to 883,333 additional shares at the public offering price, less the underwriting discount.

The Cambridge, Massachusetts-based company's common stock expects to begin trading under the ticker symbol "AGIO" on the NASDAQ Global Select Market on July 24, 2013.

The company, which was founded in 2007, specified that J.P. Morgan and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Cowen and Company and Leerink Swan are acting as co-managers.

Agios reported a net loss of $7.2 million on revenue of $6.3 million for the quarter ended March 31, according to the filing.