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The Boston Globe

Business

Cambridge biotech raises $101m in IPO

Shares of the Cambridge life sciences company bluebird bio Inc. soared almost 60 percent on their first day of trading Wednesday, an impressive debut for a business that endured years of stagnation and another encouraging sign for the biotechnology industry.

The local gene therapy company raised $101 million in an initial public offering priced at $17 per share, higher than the $14 to $16 estimated by investment bankers. Bluebird shares closed at $26.91 per share on Wednesday.

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