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Migraine drug developer Satsuma raises $82.5M in IPO

Satsuma Pharmaceuticals Inc. closed its IPO on the Nasdaq Global Market with gross proceeds of about $82.5 million.

The South San Francisco, Calif.-based company sold 5.5 million common shares at $15 per share in the offering. This does not include the underwriters' exercise of their overallotment option for up to an additional 825,000 shares.

Satsuma's shares are listed under the symbol STSA.

The company previously said it plans to use net proceeds from the IPO to fund late-stage studies of acute migraine therapy STS101. It expects to seek the U.S. Food and Drug Administration's approval for the treatment by the end of 2021.

Credit Suisse, SVB Leerink and Evercore ISI were joint book-running managers for the offering.