Biotech acquisition company CB Pharma Acquisition prices IPO at $10

CB Pharma Acquisition, a biotech-focused blank check company backed by Coronado Biosciences, raised $40 million by offering 4.0 million units at $10 each on Friday, as expected. At that price, CB Pharma Acquisition commands a market value of about $52 million.

The company is led by Lindsay Rosenwald, the CEO of Coronado Biosciences. Coronado trades on the NASDAQ under the symbol CNDO, and has a market cap of about $85 million.

CB Pharma Acquisition began trading on the NASDAQ on Monday under the symbol CNLMU. EarlyBird Capital acted as a lead manager on the deal.