Upstream Bio shares soar in impressive IPO
Boston, USA-based Upstream Bio (Nasdaq: UPB), a biotech developing treatments for inflammatory diseases with an initial focus on severe respiratory disorders, has made an impressive start to life as a public-listed company.
Shares in the firm opened 26.5% above the initial public offering price in its Nasdaq debut on Friday, valuing the drug developer at $1.05 billion. Upstream 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.
By the end of Friday's trading in New York, shares in Upstream were more than 29% higher.
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