Rhythm Pharmaceutical (RYTM) IPO Opens Up 37%

Today's IPO for Rhythm Pharmaceuticals, Inc. (NASDAQ: RYTM) opened for trading at $23.21 after pricing 7,050,000 shares of common stock at a public offering price of $17.00 per share, before underwriting discounts.

In addition, Rhythm has granted the underwriters a 30-day option to purchase up to an additional 1,057,500 shares of common stock at the initial public offering price.

Morgan Stanley, BofA Merrill Lynch and Cowen are acting as the lead book-running managers of the offering. Needham & Company is acting as the co-manager for the proposed offering.

Rhythm is a biopharmaceutical company focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders. Rhythm’s lead peptide product candidate is setmelanotide, a first-in-class melanocortin-4 receptor (MC4R) agonist for the treatment of rare genetic disorders of obesity. Rhythm supports The Genetic Obesity Project (www.GeneticObesity.com), which is dedicated to improving the understanding of severe obesity that is caused by specific genetic defects. The company is based in Boston, MA.

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