Upstream Bio valued at $1.1 bln as shares jump in Nasdaq debut (updated)

Upstream Bio

11/10/2024 17:49

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       Oct 11 (Reuters) - Shares of Upstream Bio  UPB.O  opened
26.5% above the initial public offering price in their Nasdaq
debut on Friday, valuing the drug developer at $1.05 billion.
    The upbeat debut adds to the momentum building up in the
biotech sector, which saw strong investor appetite for a clutch
of drug developers in their stock market debuts last month.
    Shares of Upstream, which is developing treatments for some
respiratory disorders, opened at $21.50 apiece, above the IPO
price of $17.
    The Waltham, Massachusetts-based company raised $255 million
by selling 15 million shares, 20% more than initially planned,
at the top end of its marketed range of $15 and $17 each.
    The offering was underwritten by J.P. Morgan, TD Cowen,
Piper Sandler and William Blair.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shilpi Majumdar)
 ((ArasuKannagi.Basil@thomsonreuters.com;))