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Targanta Prices Low IPO

Targanta Therapeutics Inc., a Cambridge, Mass.-based developer of antibacterial agents, raised $57.5 million in its IPO. The company priced 5.75 million common shares at $10 per share (below $12-$14 range), for an initial market cap of approximately $210 million.  It will trade on the Nasdaq under ticker symbol TARG, while Credit Suisse served as lead underwriter. Shareholders include Brookside Capital Partners (15.2% pre-IPO position), InterMune Inc. (15.2%), Skyline Ventures (13.2%), VenGrowth (11.8%), OrbiMed Advisors (11.1%), T2C2 (7.3%), Canadian Medical Discoveries Fund (7.1%), Seaflower Ventures (7%) and Radius Ventures (6.1%).