Juno Therapeutics Inc. shares surged 63% in their market debut
Friday, after a flurry of demand for the year’s last expected new
offering led the biotech firm to price above its already-boosted range.
Juno,
which develops cancer treatments that use the body’s own immune system
to fight the disease, began trading Friday on the Nasdaq at $39 a share
JUNO, +45.83%
after pricing 11 million shares at $24.
The
open price of $39 values Juno at more than $3 billion, the largest
valuation for a biotech going public since IPO research firm Renaissance
Capital began tracking this kind of data a little over a decade ago.
Juno’s valuation comes despite the fact that the biotech has no revenue,
has never reported a profit and has no drug candidates in late-stage
trials.
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