Foundation Medicine shares rise 85 pct in market debut
Sept 25 (Reuters) - Shares of Foundation Medicine Inc rose as much as 85 percent in their market debut on Wednesday, valuing the cancer diagnostic company at about $874 million.
The company, which counts Bill Gates and Russian billionaire Yuri Milner as its investors, raised about $106.2 million after pricing its offering of 5.9 million shares at $18 per share, well above its expected price range of $14-$16 apiece.
The company develops cancer diagnostic systems that help physicians recommend treatment options for each patient based on the molecular subtype of cancer.
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