Acceleron Pharma climbs on 1st day of trading

Acceleron Pharma jumps after drug developer's IPO of 5.6M shares prices at $15 apiece

Associated Press

NEW YORK (AP) -- Shares of Acceleron Pharma are surging after the drug developer said its initial public offering priced at the high end of estimates.

Acceleron's IPO of 5.6 million shares priced at $15 per share, bringing it $83.7 million before expenses and underwriting discounts. The Cambridge, Mass., had expected to sell 4.7 million shares for $13 to $15 each.

The underwriters of the IPO will have the option to buy another 837,000 shares.

Acceleron Pharma Inc. shares advanced $5.10, or 34 percent, to $20.10 while the broader markets were down.

The stock is listed on the Nasdaq Global Market under the symbol "XLRN."

Separately, Celgene Corp. will buy 666,667 shares for $15 each, giving Acceleron another $10 million. The companies are studying two drugs together.

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