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Akcea Therapeutics has set the terms for its $125 million IPO. The Ionis Pharmaceuticals spinout priced the IPO well below its target range but made up the shortfall by selling 62% more shares than it originally planned.
The end result is Akcea is set to gross $125 million as intended. But that top-line success masks the biotech's inability to get close to the $12 to $14 a share it targeted in its filings last month. Akcea ultimately got investors to buy in at $8 a share, and the...