DUBLIN – Blueprint Medicines Corp. blew away whatever market jitters were apparent earlier this week by raising $147 million in a heavily oversubscribed and upsized IPO, which it priced at $18 per share, above its indicative range of $15 to $17 per share.
The stock, which began trading on Nasdaq Thursday under the ticker BPMC, rose more than 30 percent during early trading to reach a high of $23.89, though it had fallen to just 87 cents above the IPO price by market close.
The Cambridge, Mass.-based firm issued about 8.1 million new shares. It originally sought about $115 million by issuing 7.2 million shares. It's the third biggest biotech IPO on Nasdaq so far this year, bested only by the $228 million raised by Paris-based CAR T-cell developer Cellectis SA in March and by the $185 million raised by Philadelphia-based Spark