NGM Biopharmaceuticals (NGM) IPO Opens Lower

Today's IPO for NGM Biopharmaceuticals (NASDAQ: NGM) opened for trading at $15 after pricing 6,666,667 shares of common stock at a price to the public of $16.00 per share.

In addition, NGM has granted the underwriters a 30-day option to purchase up to 1,000,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Cowen and Company, LLC are acting as joint book-running managers for the offering.

NGM is a clinical stage biopharmaceutical company focused on developing novel therapeutics based on scientific understanding of key biological pathways underlying cardio-metabolic, liver, oncologic and ophthalmic diseases. The company leverages its biology-centric drug discovery approach to uncover novel mechanisms of action and generate proprietary insights that enable it to move rapidly into proof-of-concept studies and deliver potential first-in-class medicines to patients. NGM aspires to operate one of the most productive research and development engines in the biopharmaceutical industry, with multiple programs in clinical development.

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