Puma leaps on NYSE debut

Puma Biotechnology Inc. (NYSE:PBYI) jumped $5.88 (36%) to $22.38 on its first day of trading Friday on the New York Stock Exchange after raising $120 million in a bumped-up follow-on. Puma sold 7.5 million shares at $16, valuing the company at $440.6 million. Following Friday's move, Puma now has a market cap of $614.3 million. BofA Merrill Lynch; Leerink; Stifel Nicolaus Weisel; Cowen; and UBS are underwriters. Earlier this week, Puma said it planned to sell 6.5 million shares in the offering. In April, Puma listed on the OTC Bulletin Board via the Form 10 pathway after reverse-merging with shell Innovative Acquisitions Inc. last October (see BioCentury Extra, April 20). ...