Underwriters have exercised their over-allotment option in full, increasing the University of Pennsylvania-linked genetic medicine developer’s proceeds by $32.4m.

Passage Bio, a US-based genetic medicines developer commercialising University of Pennsylvania research, has increased its initial public offering to more than $248m after underwriters exercised their over-allotment option in full. Underwriters purchased 1.8 million additional shares at the initial public offering price of $18, thereby injecting $32.4m into the company. The company had raised an…

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