Buffalo-based drug developer Athenex Inc. went public Wednesday.
Athenex priced its initial public offering of its stock at $11 a share, which is at the low end of its already reduced price range.
But the shares fared better once the stock started trading shortly after 11 a.m., rising to $13 in late afternoon and closing at $12.56.
The company’s sale of 6 million shares of its stock will raise $66 million in gross proceeds for the company, which is developing a series of cancer drugs and plans to operate a major drug manufacturing facility in Dunkirk that is being built with $200 million in state funding.
After deducting underwriting expenses and other fees associated…