Content area
Full Text
Shares in BioPharma Credit, the UK closed end investment fund focused on the debt of life sciences companies, closed 2.9% above their IPO price on Thursday when they started trading in London on Thursday after the company finished its $762m IPO.
JP Morgan and Goldman Sachs were global co-ordinators.
BioPharma Credit placed 761.9m new shares at $1 a share. The deal size was well above the company's initial target of $300m in its prospectus.
The IPO was priced on Thursday, March 23, and the shares began initial trading on Monday, March 27, then commenced full trading on Thursday, March 30.
"BioPharma Credit started trading on Monday. It was a two stage process so we only...