September 25, 2013 / 2:48 PM / 4 years ago

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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