Orphan disease drug developer PhaseBio Pharmaceuticals, which is commercialising research from Duke University, cut the price of its shares sharply pre-offering.

PhaseBio Pharmaceuticals, a US-based orphan disease treatment developer exploiting research from Duke University, has floated on the Nasdaq Global Market in a $46m initial public offering. The company priced its shares at $5.00 each, representing a steep drop from the $12 to $14 range it set earlier this month, though it did also increase the…

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