(Reuters) -Shares of Upstream Bio opened 26.5% above the initial public offering price in their Nasdaq debut on Friday, valuing the drug developer at $1.05 billion.
The upbeat debut adds to the momentum building up in the biotech sector, which saw strong investor appetite for a clutch of drug developers in their stock market debuts last month.
Shares of Upstream, which is developing treatments for some respiratory disorders, opened at $21.50 apiece, above the IPO price of $17.
The Waltham, Massachusetts-based company raised $255 million by selling 15 million shares, 20% more than initially planned, at the top end of its marketed range of $15 and $17 each.
The offering was underwritten by J.P. Morgan, TD Cowen, Piper Sandler and William Blair.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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