IPOs, deals, Biotech

Elixir Sets Price Target for IPO

Robert Buderi 12/19/07

Elixir Pharmaceuticals, a Cambridge company formed in 1999 and focused on developing drugs for diabetes, obesity, and other metabolic diseases, has set the price range of its planned initial public offering of five million shares at between $14 and $16 per share. The company, whose litany of investors includes MPM Capital, Oxford Bioscience Partners, and Physic Ventures (all of which have board seats), expects to net just over $67 million at the midpoint of the pricing. Yesterday’s filing comes barely a month after the company’s co-founder, MIT biologist Leonard “Lenny” Guarente, joined Elixir’s top rival, Sirtris Pharmaceuticals (NASDAQ: SIRT).