Last Friday, the previously private company raised $255 million in new capital by issuing 15 million shares at a unit price of $17.00.
Investment firm HBM Healthcare has announced the IPO of its portfolio company Upstream Bio. Last Friday, the previously private company raised $255 million in new capital by issuing 15 million shares at a unit price of $17.00.
The stock price rose nearly 30% on the first day of trading to $22.00. The company is thus valued at around 1.1 billion, indicates HBM Healthcare Investments in a press release published Monday.
Since October 2021, the company has participated in two financing rounds from Upstream Bio for a total amount of 30 million. The latest stake was valued at $44 million. Post-IPO, HBM Healthcare Investments holds approximately 2.7 million shares worth a total of $59.7 million.
The biotechnology company Upstream Bio specializes in the development of therapies against inflammatory diseases, particularly serious respiratory diseases, the press release further said.
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