Medical-technology company NovoCure Ltd.NVCR -5.58% marks the latest company to price its initial public offering below its last private round, underscoring a disconnect between private valuations and what IPO investors are willing to pay. NovoCure makes a device to treat a form of brain cancer. It launched on the Nasdaq NDAQ -0.10% on Friday, opening at $20.15 after selling 7.5 million shares at $22 the prior evening. The pricing comes just months after it raised money from Fidelity Investments and T. Rowe Price Group Inc.TROW +0.19% at $23.33 a share. Shares of NovoCure on Friday opened about 8% below its IPO price, ending down 17%, at $18.28. Until now, biotech and health-care companies had appeared to be immune from the private-market-valuation woes affecting some Internet and software companies, The Wall Street Journal’s Telis Demos and Maureen Farrell report.
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Wellington Financial LP, a venture debt firm, on Friday said it has held a first close on Fund V and expanded its California team. Chief Executive Mark McQueen said the firmclosed on $285 million of the fund’s $300 million target. He said Wellington redeploys funds as companies service their debts, resulting in a $900 million total investment program.