Biodel, which is developing new treatments for diabetes and osteoporosis, priced 5 million shares at $15 last night, the midpoint of its proposed $14-$16 range. Morgan Stanley and Banc of America managed the deal. Biodel's lead product is an injectable formulation of insulin, designed to be absorbed in the bloodstream faster, and is in Phase III trials. The stock is expected to begin trading on the NASDAQ this morning under the ticker BIOD.
