Cancer Drugmaker Parabilis Surges 58% in US Trading Debut (1)

Parabilis Medicines Inc. shares jumped 58% 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’s shares closed at $31.60 each, above an IPO price of $20 apiece. The Cambridge, Massachusetts-based had marketed 33.3 million shares for $17 to $19 after increasing the size of the deal Tuesday. The trading gives Parabilis a market value of nearly $3.8 billion, based on the outstanding shares.

Alongside the IPO, Regeneron Pharmaceuticals Inc. agreed to buy 4.17 million worth of ...