Jazz Prices Low IPO

Jazz Pharmaceuticals Inc., a Palo Alto, Calif.-based drug development and commercialization company focused on neurology and psychiatry, priced six million common shares at $18 per share, for an IPO take of approximately $108 million. It had originally planned to price at between $24-$26 per share, and then lowered its range to $20-$21 per share. Its initial market capitalization is around $441 million. Morgan Stanley and Lehman Brothers served as co-lead underwriters. Jazz had raised around $265 million in VC funding since its 2003 inception, from firms like KKR (46.24% pre-IPO stake), Thoma Cressey Equity Partners (10.72%), Beecken Petty O'Keefe & Co. (7.15%), Prospect Venture Partners (6.65%), Versant Ventures (6.65%), Golden Gate Capital (5.36%), Lehman Brothers (5.13%), Adams Street Partners, EGS Healthcare Capital Partners and Oak Hill Capital. www.orphan.com