Cullinan raises $287.4M in IPO as underwriters buy more shares

Cancer-drug developer Cullinan Management Inc. closed its IPO, raising $287.4 million in gross proceeds — more than the $249.9 million planned.

The Cambridge, Mass.-based company raised extra proceeds after the IPO's underwriters — Morgan Stanley & Co. LLC, SVB Leerink LLC, Evercore Group LLC and H.C. Wainwright & Co. LLC — exercised an option to buy an additional 1,785,000 shares.

As a result, the company ended up selling a total of 13,685,000 common shares at $21 apiece.

Cullinan's shares started trading on the Nasdaq Global Select Market on Jan. 8 under the ticker CGEM.

The biopharmaceutical company, which is led by Owen Hughes Jr. as CEO, focuses on developing targeted oncology and immuno-oncology therapies.