University of Pennsylvania-linked Passage Bio issued 4.6 million more shares than originally planned to raise $216m, up more than 70% on its $125m original target.
Passage Bio, a US-based genetic medicines developer exploiting University of Pennsylvania research, raised $216m in an initial public offering yesterday after issuing 12 million shares priced at $18.
Passage Bio had hoped to raise $125m when it unveiled plans earlier this month to go public. It subsequently decided to issue 7.4 million shares priced at $16 to $18, before increasing the number of shares to 10 million yesterday morning and 12 million shortly afterwards.
The company will…
