Evelo raises $85M in IPO

Microbiome company Evelo Biosciences Inc. (NASDAQ:EVLO) raised $85 million through the sale of 5.3 million shares at $16 in an IPO underwritten by Morgan Stanley, Cowen, BMO Capital Markets and JMP Securities. Evelo added $0.25 to $16.25 on Wednesday.

Evelo priced the offering at the midpoint of its proposed range of $15-$17. The price valued the company at $509.9 million...