Cerulean Pharma prices IPO at $7, well below the $11 to $13 range

Cerulean Pharma, which is developing targeted therapies for kidney, ovarian and other cancers, raised $60 million by offering 8.5 million shares at $7, well below the $11 to $13 range. The company had originally planned to offer 5.0 million shares. Cerulean plans to list on the NASDAQ under the symbol CERU. Leerink Partners acted as sole bookrunner on the deal.