Turnstone Biologics rides biotech’s IPO train in Friday debut

Turn­stone Bi­o­log­ics raised $80 mil­lion in a Fri­day morn­ing IPO un­der the tick­er $TS­BX, book­end­ing a rare two-week stretch for biotech list­ings.

The start­up fol­lows Apogee Ther­a­peu­tics, Sagimet Bio­sciences and 60 De­grees Phar­ma­ceu­ti­cals in go­ing pub­lic in re­cent days, a feat that on­ly a dozen drug de­vel­op­ers have achieved so far this year amid a tur­bu­lent few years for the biotech sec­tor. If un­der­writ­ers ex­er­cise their op­tion to pur­chase more stock, Turn­stone’s IPO would be­come slight­ly larg­er than its $80 mil­lion Se­ries D, an­nounced two years ago to the day.

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