Scribe Therapeutics , a clinical-stage developer of gene therapies for heart disease, surged 67% on Friday after raising $128.7 million in an upsized initial public offering. The Alameda, California-based biotechnology company opened at $25 per share in New York, significantly above its $15 IPO price. Scribe sold 8.58 million shares on Thursday after initially marketing 7.15 million shares at between $13 and $15 each, while the first-day trading level gave the company a market value of approximately $440.3 million based on the outstanding shares disclosed in its filings.

The offering also attracted interest from established pharmaceutical investors. Sanofi SA, a pharmaceutical company participating through a concurrent private placement, agreed through its affiliates to purchase approximately $7.5 million of Scribe shares at the IPO price. Eli Lilly & Co. , one of Scribe's existing backers, indicated that it was interested in purchasing enough shares to own as much as 11% of the company following the IPO and private placement. Entities affiliated with Andreessen Horowitz and Avoro Life Sciences Fund were also listed among Scribe's largest shareholders, suggesting that the company entered the public market with support from several prominent investment and pharmaceutical groups.

Scribe is evaluating gene-editing technologies for heart and metabolic diseases, with its initial work focused on atherosclerotic cardiovascular disease. The company expects to report initial data during the first half of 2027 from an Australian trial involving adults with an increased risk of the disease, which investors may view as an important future clinical milestone. However, Scribe remains loss-making, reporting a net loss of $17.4 million on collaboration revenue of $2.2 million for the three months ended March 31, compared with a $3.5 million loss on revenue of $17.1 million during the same period a year earlier. Leerink Partners, Goldman Sachs Group Inc., Guggenheim Securities and Wells Fargo & Co., financial institutions involved in capital markets and securities services, led the IPO.