NEW YORK, N.Y. – Shares of Blueprint Medicines are climbing after the biotech cancer drug developer’s initial public offering raised $146.6 million, above its expectations.
Blueprint Medicines expanded its IPO to 8.1 million shares and said the offering price at $18 per share. The stock rose $3.33, or 18.5 per cent, to $21.33 in morning trading.
The Cambridge, Massachusetts-based company hopes to start human testing of two drugs this year. One is intended to treat tumors of the gastrointestinal tract, and the other is a potential treatment for liver cancer.
Blueprint Medicines Corp. initially filed for an IPO valued at up to $100 million. The company said earlier this month that it expected to sell 7.2 million shares for $15 to $17 each.