Glaxo-Backed Lyell Immunopharma Raises $425 Million in U.S. IPO

Lyell Immunopharma Inc., a cancer drug developer backed by GlaxoSmithKline Plc and Celgene Corp., priced its initial public offering at the middle of a marketed range to raise about $425 million.

The company sold 25 million shares for $17 each on Wednesday after marketing them for $16 to $18, according to a statement. Lyell has a market value in the listing of about $4.1 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

The California company, based in South San Francisco, was founded in 2018 by Rick Klausner, ...