Parabilis Medicines Jumps 67% After $745 Million IPO Prices Above Range
Updated
Updated · Bloomberg · Jun 10
Parabilis Medicines Jumps 67% After $745 Million IPO Prices Above Range
3 articles · Updated · Bloomberg · Jun 10
Summary
$33.35 was Parabilis Medicines' opening price, putting the clinical-stage cancer drug developer up as much as 67% from its $20 IPO price.
$745 million was raised through an upsized US IPO and private placement after the company increased the deal size and priced above its marketed $17-to-$19 range.
33.3 million shares were marketed after Tuesday's increase, underscoring strong demand for the Cambridge, Massachusetts-based biotech's debut.
$4 billion is Parabilis' approximate market value based on outstanding shares after the first-day surge.