On Tuesday night, Aduro's IPO priced seven million shares at $17 per share, raising $119 million, excluding the underwriter's overallotment. Aduro opened for trading on Wednesday at $32 per share and is now trading at $35.26 per share, or more than double the IPO price. That gives the company a market value of more than $2 billion on its debut day.
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Aduro's cancer immunotherapy platform tinkers with listeria, a common bacteria, to express proteins found on specific types of tumor cells. The re-engineered listeria is supposed to prime a patient's immune system to identify and kill the targeted cancer cells. The company's lead product, CRS-207, is in a phase II study of pancreatic cancer patients.
A competitor, Advaxis (ADXS), is developing similar cancer immunotherapy drugs that also involve re-engineering listeria to stimulate a patient's immune system.