Cancer Startup Allogene Makes Trading Debut as Largest Biotech to IPO Since 2009
- Shares had been priced at top of $16-$18 marketed range
- Analysts say cancer drugmaker gets ‘management premium’
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Cancer startup Allogene Therapeutics Inc. surged as much as 39 percent above its initial public offering price on its first day of trading in the U.S., after the listing valued the company at more than $2 billion.
The stock was up 32 percent to $23.92 at 3:01 p.m. in New York. The IPO priced 18 million shares at $18 each Wednesday night, giving the South San Francisco, California-based firm a market capitalization of $2.05 billion and making it the largest biotech to go public since 2009, according to data compiled by Bloomberg.