ChemoCentryx prices downsized IPO at $10, below the range

ChemoCentryx, a biotech developing novel drugs for Crohn's disease and rheumatoid arthritis, raised $45 million by offering 4.5 million shares at $10, below the range of $14 to $16. The company had originally planned to sell 4 million shares, resulting in a total deal size 25% less than expected. The market cap is now $375 million, down from a proposed $554 million valuation. ChemoCentryx plans to list on the NASDAQ under the symbol CCXI. J.P. Morgan, Citi and Cowen & Company managed the offering.