Beigene, Editas Medicine shares rise in market debuts

AP News
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Posted: Feb 03, 2016 1:36 PM

WASHINGTON (AP) — Shares of medical sector companies Beigene Ltd. of China and Editas Medicine Inc. of Massachusetts climbed Wednesday in their market debuts.

Beigene is a Beijing-based company focusing on targeted cancer drugs. On Tuesday, it disclosed it would sell 6.6 million shares in an initial public offering at a price of $24 each. That would raise about $158.4 million. The shares are trading under the ticker "BGNE" on the Nasdaq market.

The company said it granted underwriters an option to purchase an additional 990,000 shares over 30 days.

Beigene shares rose $4.58, or 19.1 percent, to $28.10 in midday trading.

Genomic technology company Editas Medicine, based in Cambridge, Massachusetts, also made its market debut on the Nasdaq. The company develops techniques for treating inheritable diseases by editing patients' genetic code.

The company sold 5.9 million shares of common stock priced at $16 each, raising about $94.4 million.

Its shares rose $1.76, or 11 percent, to $17.76 in midday trading.

The company has offered underwriters 30 days for the purchase of an additional 885,000 shares of common stock.