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Eyetech Pharmaceuticals fares well with IPO

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NEW YORK — Eyetech Pharmaceuticals’ initial public offering last week raised more money than the company expected. Trading started at above the offering price of $21 per share; by the close of business on opening day, the stock was already trading at $30, according to company information.

Interest in the company has centered on Macugen (pegaptanib), its drug in development for treatment of wet age-related macular degeneration and of diabetic macular edema. Eyetech is codeveloping the drug with Pfizer.

The managing underwriters of the offering were Merrill Lynch & Co. and Morgan Stanley, Eyetech noted.