NEW YORK (AP) — Global Blood Therapeutics shares surged Wednesday after the blood disorder drug developer's initial public offering raised $120 million, more than it had expected.
The company's offering priced at $20 per share and rose 95 percent to $39 in midday trading.
Global Blood Therapeutics Inc. is studying an experimental treatment for sickle cell disease, an inherited disorder that causes red blood cells to become misshapen and leads to blocked blood vessels, causing severe pain and eventually organ failure and death. It's most common in people of African, Middle Eastern and South Asian descent.
The company says GBT440 might be able to prevent red blood cells from becoming misshapen, treating the disease itself rather than its symptoms.
The South San Francisco, California-based company expected shares to price between $16 and $18.