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Cancer drug startup Parabilis Medicines is raising a record $670 million in its initial public offering. The company focuses on developing oncology treatments. The IPO represents one of the largest biotech fundraising events in recent years.
Parabilis Medicines priced its IPO at $20 per share on Tuesday, raising $670 million in the largest biotech IPO in history. The offering of 33.5 million shares trades on Nasdaq under PBLS. A concurrent private placement with Regeneron Pharmaceuticals adds $75 million, bringing total proceeds to nearly $745 million.
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