BioCentury
ARTICLE | Financial News

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

October 12, 2018 6:04 PM UTC

Less than a year after it was founded, cell therapy company Allogene Therapeutics Inc. (NASDAQ:ALLO) raised $324 million late Oct. 10 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 Oct. 11.

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...