Patheon shares jumped 17 percent on the company’s first day of trading.
The Durham pharmaceutical services company ended the day at $25 a share, after pricing its initial shares at $21.
The company, trading under ticker symbol PTHN, sold 17.6 million shares and raised $640 million from the IPO, exceeding its goal by $90 million.
CEO Jim Mullen, who rang the opening bell on the New York Stock Exchange Thursday, has said the company will use the proceeds from the stock sale to pay off the entirety of its $550 million in loans, fees and expenses.
Patheon had initially planned to sell 25 million shares, while Royal DSM, the Netherlands vitamin company whose pharmaceutical products business was merged into Patheon in 2014, planned to sell 4.8 million shares. Patheon will not receive any proceeds from the sale of shares by Royal DSM.
Patheon has granted its underwriters a 30-day option to purchase up to an additional 4.5 shares.
Patheon, which has been publicly traded before, moved its headquarters to the Triangle in 2008. The company went private in 2014.
The company has 8,000 employees worldwide, including about 150 at its Durham headquarters. Patheon’s largest facility in Greenville employs more than 1,000.
Patheon manufactures and packages prescription and over-the-counter drugs for its clients. It also provides services such as developing formulations of experimental medicines and synthesizing chemicals for a broad range of industries.
The company’s Greenville site manufactures sterile injectables, both liquid and freeze-dried, as well as tablets and capsules.
For the fiscal year that ended Oct. 31, Patheon posted $138.4 million in net income on revenue of $1.77 billion. For the six months that ended April 30, it generated $874.5 million, compared to $863.9 million a year earlier, and a net loss of $21.2 million.