PureTech Health spinoff Karuna Therapeutics has upscaled its IPO to nearly $103m, after its shares rose by more than 50% in its first days of trading.

Karuna Therapeutics, a US-based neuropsychiatric drug developer backed by pharmaceutical firm PureTech Health, closed its initial public offering at almost $103m on Tuesday.

The offering initially raised $89.2m last week when Karuna priced 5.58 million shares on the Nasdaq Global Market at $16.00 each. The underwriters took up the option to buy nearly 837,000 additional shares, Karuna’s shares closing at $24.45 yesterday.

Spun off from PureTech in 2009, Karuna is working on therapies for disabling neuropsychiatric disorders, and the…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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