NEW YORK (AP) -- Shares of Chimerix Inc. are climbing after the biotech drugmaker's IPO priced at $14 per share, valuing the company's stock offering at $102.5 million.
Chimerix sold 7.3 million shares and says the underwriters of its IPO will have the option to buy another 1.1 million shares. The stock gained $2.02, or 14.4 percent, to $16.02 in morning trading.
Chimerix had expected its IPO to price at $13 to $15 a share.
The Durham, N.C., company is studying drugs designed to treat cytomegalovirus in people who have received a transplant of blood stem cells.
Cytomegalovirus is a common virus that infects most people. It rarely causes problems, but it can cause serious infections in people who have received organ transplants or in immunodeficient patients, such as those with HIV or AIDS.