Second Bay Area biotech IPO this week soars after topping targets, raising $128 million

Shares of ARMO Biosciences Inc. jumped by as much as 83 percent after the Redwood City biotech raised $128 million in the second successful Bay Area IPO this week. The Redwood City-based cancer immunotherapy developer sold 7.5 million shares at $17 each. It originally planned to sell 6.7 million shares for between $14 and $16.  The offering follows one from Menlo Therapeutics Inc. (NASDAQ:MNLO) the day before, during which its stock soared 69 percent above its IPO price after raising $119 million.…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news