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Synageva BioPharma Corp. (GEVA - Snapshot Report) announced the pricing of its underwritten public offering of its common stock. The company is looking to issue 2.75 million shares at $56.63 per share.

Underwriters have been granted an option to purchase an additional 412,500 shares of Synegeva’s common stock, with a 30-day window to do so.

We believe that Synageva, a company focused on the development and commercialization of therapeutics products for treating patients suffering from rare life-threatening diseases, will most likely use the funds for the development of its pipeline. 

The company has two lead pipeline candidates, sebelipase alfa and SBC-103. Sebelipase alfa and SBC-103 are enzyme replacement therapies being evaluated for the treatment of lysosomal storage diseases (LSD).

Synageva is developing sebelipase alfa for the treatment of early onset of lysosomal acid lipase deficiency (LAL deficiency), also known as Wolman disease. The candidate is currently in a randomized, double-blind, placebo-controlled phase III study, ARISE. The company expects to complete patient enrollment in this study in 2014.

In May 2013, Synageva received breakthrough therapy designation from the U.S. Food and Drug Administration (FDA) for sebelipase alfa.

The company’s other lead candidate, SBC-103, is being evaluated for mucopolysaccharidosis IIIB (MPS IIIB), also known as Sanfilippo B syndrome. The company intends to start studies on SBC-103 during the first half of 2014.

Synageva carries a Zacks Rank #3 (Hold). Companies that currently look well-positioned include Actelion Ltd. (ALIOF) with a Zacks Rank #1 (Strong Buy), and Jazz Pharmaceuticals (JAZZ - Analyst Report) and Sarepta Therapeutics, Inc. (SRPT - Snapshot Report) with a Zacks Rank #2 (Buy).

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