New Issue: Altus Pharma raises $105 million in upsized IPO at $15 per share - midpoint of price range

By Ronda Fears

Memphis, Jan. 26 - Altus Pharmaceuticals, Inc. priced an upsized initial public offering of 7 million shares at $15.00 - smack at the middle of a price range of $14 to $16 - via joint bookrunners Merrill Lynch & Co. and Morgan Stanley. The $105 million deal was boosted from 6 million shares.

Cambridge, Mass.-based Altus, formerly a subsidiary of Vertex Pharmaceuticals Inc., is focused on the development and commercialization of oral and injectable protein therapeutics for chronic gastrointestinal and metabolic disorders.

Proceeds, estimated to net $95 million without counting the greenshoe, are slated for drug development and general corporate purposes.

Issuer:	Altus Pharmaceuticals, Inc.
Issue:	Initial public offering of stock
Gross proceeds:	$105 million
Net proceeds:	$95 million
Shares:	7 million shares, up from 6 million shares
Greenshoe:	1.05 million shares, up from 900,000 shares
Price:	$15 per share
Price range:	$14 to $16
Bookrunners:	Merrill Lynch & Co., Morgan Stanley
Co-managers:	SG Cowen & Co.
Pricing date:	Jan. 25
Settlement date:	Feb. 1
Stock symbol:	Nasdaq: ALTU

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