May 8, 2013

San Francisco Business Times

Portola sets IPO stock at $13 to $16

Portola Pharmaceuticals Inc.'s initial public offering — one of the largest biotech IPOs this year — values its stock at $13 to $16 per share.

The South San Francisco-based drug developer, which disclosed its IPO last month, said Tuesday that it will sell 6.9 million shares under the NASDAQ stock symbol 'PTLA.' Assuming a mid-range price of $14.50, Portola said in a Securities and Exchange Commission filing that it hopes to net as much as $103.2 million.

In all, the company will have more than 32.3 million shares outstanding after the offering.

Portola had long been rumored as an IPO candidate but waited out the biotech industry's Wall Street doldrums before making its move. Although profitable the past two years because of a string of Big Pharma partnerships, it has an accumulated deficit since its September 2013 incorporation of $220.5 million.

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