Drugmaker Parabilis Soars 67% After $745 Million IPO, Placement

Parabilis Medicines Inc. shares jumped as much as 67% in its trading debut, after the company raised nearly $745 million in an upsized US initial public offering that priced above its marketed range and a private placement.

The clinical-stage cancer drug developer shares opened at $33.35 each, above its IPO price of $20 apiece. The Cambridge, Massachusetts-based had marketed 33.3 million shares for $17 to $19 each after increasing the size of the deal Tuesday. The trading gives Parabilis a market value of about $4 billion, based on the outstanding shares.

Alongside the IPO, Regeneron Pharmaceuticals Inc. agreed to buy ...