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US drug developer Tricida closes $255.6M IPO

Tricida Inc. closed its IPO to raise about $255.6 million in gross proceeds.

The South San Francisco, Calif.-based pharmaceutical company issued 13,455,000 common shares at $19 each, which included 1,755,000 shares bought by the underwriters after they exercised their option in full to buy the additional shares.

Tricida's shares began trading on the Nasdaq Global Select Market on June 28 under the symbol TCDA.

Tricida is developing TRC101, an oral drug for metabolic acidosis in patients with chronic kidney disease. Metabolic acidosis can occur when the body produces too much acid or when the kidneys do not remove enough acid from the bloodstream.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Cowen and Co. LLC acted as joint book-running managers for the offering.