Zurich – Cosmo Pharmaceutical’s SpA has gone public on the SWX Swiss Exchange‘s main segment. The company sold 2.3 million shares at a price of CHF20 – CHF2 below the lower end of its proposed price range of CHF22 to CHF28. The company had originally planned to sell 3.4 million shares. Cosmo raised CHF46.5 million (a29 million). However, the company had an initial market valuation of CHF270.5 million (a169 million). Chris Tanner, CEO of Cosmo, cited unfavourable market conditions as being responsible for the difficult IPO process of his company. The demand came primarily from the continental European market. UK investors had also been been interested but were too agressive in their pricing strategy, reported BioCentury. Lehman and Sal. Oppenheim were joint coordinators and bookrunners.