Harvard-linked Sana brought in nearly four times as much in proceeds as originally planned and saw shares surge 40% on the first day of trading.

Sana Biotechnology, a US-based stem cell medicines developer exploiting Harvard University research, priced shares above its range at $25 on Wednesday to raise almost $588m in an upsized initial public offering. The company issued 23.5 million shares, up from a planned 15 million, and began trading on the Nasdaq Global Select Market under the symbol…

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