7:40 PM
 | 
Oct 10, 2018
 |  BC Extra  |  Financial News

First-day pop for Allogene after year's largest biotech IPO on NASDAQ

Editor's Note: This article was updated on Oct 11, 2018 at 10:34 AM PDT

Less than a year after it was founded, cell therapy company Allogene Therapeutics Inc. (NASDAQ:ALLO) raised $324 million late Wednesday in the largest IPO by a biotech on NASDAQ thus far in 2018. The company gained $7 (39%) to $25 in its first trading day Thursday.

Allogene sold 18 million shares at $18, the top of its proposed range. The company had initially filed to raise up to $100 million, then said last week it hoped to sell 16 million shares at $16-$18. The IPO price valued the company at $2.2 billion. Goldman Sachs, J.P. Morgan, Cowen and Jefferies are underwriters.

According to an amended prospectus last week, Allogene had earmarked roughly $165 million for clinical trials of its...

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