Business

Mass. Movers

Aveo expects to raise $50m in offering

Aveo employees at work in the company’s lab.
Suzanne Kreiter/Globe staff/File
Aveo employees at work in the company’s lab.

Cambridge’s Aveo Pharmaceuticals Inc. rose on its offering of 6.7 million shares for $7.50 each. The company said it expects to raise about $50 million before discounts and commissions. The offering is expected to close on Wednesday. Aveo helped develop an experimental cancer pill — Tivopath — that is currently under review by the Food and Drug Administration to treat advanced kidney cancer. The agency is expected to finish its review by July.

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