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The Sniff Test: Not even Solid Biosciences’ latest disclosure could sour its market debut

Biotech Solid Biosciences Inc. was all set for its buzzy initial public offering when the company disclosed something it probably should have done, well, before the day of its IPO.

The company SLDB, +41.38% revealed on Thursday for the first time that its DMD therapy and lead product, SGT-001, had been placed on a partial clinical hold by the Food and Drug Administration all the way back in November. Oops.

Solid Biosciences priced its IPO on Thursday at $16 per share anyway, offering 7.8 million shares for gross proceeds of about $125 million, though the price was below the company’s previous range, or between $18 and $19 per share.

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