Agios Pharmaceuticals (AGIO), a biotech developing metabolic treatments for cancer and rare genetic diseases, rose 73.8% in its market debut. That made it the best biotech first-day return since Pain Therapeutics (PTIE) rose 82.3% in its July 2000 debut.
The company raised $106 million in an upsized IPO that valued the company at a market cap of $542 million, after originally setting terms for a deal that would have generated $75 million in proceeds at a market cap of $441 million. Agios' opening day vaults it ahead of last week's IPO of OncoMed (OMED), which saw its shares rise 59.9% on its first day of trading, for the best biotech first-day return in 2013. Agios is the fifth 2013 biotech deal to gain nearly 50% or more in its market debut.
|Top 5 Biotech First-Day Returns of 2013|
|Company||Ticker||Description||First-Day Return||Total Return|
|Agios Pharmaceuticals||AGIO||Pre-clinical cancer biotech||74%||74%|
|OncoMed Pharmaceuticals||OMED||Cancer biotech||60%||38%|
|bluebird bio||BLUE||Gene therapy biotech||58%||87%|
|Epizyme||EPZM||Early-stage cancer biotech||53%||134%|
|Prosensa||RNA||Late-stage orphan drug biotech||48%||110%|