LB Pharma Shares Climb 15% After Raising $285 Million in IPO (1)

LB Pharmaceuticals Inc. shares closed 15% higher in their trading debut after the biotech raised $285 million in an upsized initial public offering.

Shares in the company ended at $17.30 each on Thursday. The company sold 19 million shares for $15 each, according to a statement Wednesday, after offering 16.7 million shares in a range of $14 to $16 apiece.

The trading gives the New York-based company a market value of about $348 million, based on the outstanding shares listed in its filings.

LB Pharma’s IPO ended well oversubscribed, according to people familiar with the matter. It attracted anchor orders ...