The Legend Holdings and Eli Lilly-backed cancer diagnostics technology developer floated above its range to raise $223m and its shares have since risen 40%.
China-based genetic sequencing technology developer Burning Rock Biotech has gone public in a $223m initial public offering that provided exits for pharmaceutical firm Eli Lilly and conglomerate Legend Holdings.
The offering consisted of 13.5 million shares issued on the Nasdaq Global Market and priced at $16.50 each, above the $13.50 to $15.50 range the company had set. Lake Bleu Prime Healthcare Master Fund has agreed to buy another $25m of shares in a private placement.
Burning Rock is combining…
