Concert Pharmaceuticals 6M share IPO priced at $14.00 The deal size was increased to 6M shares from 5M shares and priced at the high-end of the $12.00-$14.00 range. UBS and Wells Fargo acted as joint book running managers for the offering.
Concert Pharmaceuticals achieves $2M milestone from Avanir Concert Pharmaceuticals (CNCE) announced that it has achieved a $2M milestone under its development and license agreement with Avanir Pharmaceuticals (AVNR) for the progression of the clinical development of AVP-786. The milestone is a result of Avanir initiating dosing of patients in a Phase 3 clinical trial with AVP-786 for the treatment of agitation in patients with Alzheimer's disease. The collaboration agreement between Concert and Avanir provides Avanir with worldwide rights to develop and commercialize AVP-786 and other deuterium-modified dextromethorphan (d-DM) compounds. Under the agreement, Concert is eligible to receive additional milestone payments based upon achievement of certain predefined regulatory and commercial targets. Avanir will continue to have overall responsibility for research, development and commercialization of d-DM compounds, including AVP-786, and Concert is eligible to receive tiered royalties on worldwide sales of any products containing d-DM. The milestone announced today is the third development milestone Concert has earned under this agreement.