Drugmaker Parabilis Raises $745 Million in US IPO, Placement

Parabilis Medicines Inc., a clinical-stage cancer drug developer, raised nearly $745 million in an upsized US initial public offering that priced above its marketed range, and a private placement.

The Cambridge, Massachusetts-based company sold 33.5 million shares in the IPO at $20 each to raise $670 million, according to a statement Tuesday. The firm had offered 33.3 million shares for $17 to $19 each after increasing the size of the deal earlier Tuesday.

Alongside the IPO, Regeneron Pharmaceuticals Inc. agreed to buy 4.17 million worth of Parabilis’ shares at $18 each, the statement shows, to raise nearly $75 million. ...