Cumberland Pharmaceuticals: The first pharma IPO in nearly two years
Cumberland Pharmaceuticals (CPIX) IPO was the first by a pharmaceutical company in nearly two years. The company on Monday offered 5 million shares of common stock, initially priced at $17 per share, raising $85 million. This was below earlier projections of $19 to $21 a share cited in the SEC filing.
Nashville-based Cumberland is a specialty pharmaceutical company. It markets Acetadote, an injectable compound for the treatment of acetaminophen poisoning. Acetaminophen is the pain-relieving, fever-reducing ingredient in Tylenol and other prescription and over-the-counter medications. Total sales of Acetadote in 2008 were $25.4 million, of which, $24.3 million were to hospitals, according to the prospectus.