AVEO Pharmaceuticals prices IPO at $9, below the $13-$15 range

AVEO Pharmaceuticals, which is developing a Phase 3 renal cell carcinoma treatment similar to blockbuster Avastin, raised $81 million by selling 9 million shares at $9 after originally filing to raise $98 million by selling 7 million shares at a range of $13-$15. The Cambridge, MA-based biotech will list on the NASDAQ tomorrow under the symbol AVEO. J.P. Morgan and Morgan Stanley acted as the lead underwriters on the deal.