In wake of CinCor takeout, market receives Mineralys’ IPO warmly

Weeks after hypertension company CinCor struck a deal to be acquired at a high premium, competitor Mineralys received a warm reception on the public markets, pricing its upsized IPO at the top of its proposed range and then gaining value in the aftermarket.

Demand for shares of Mineralys Therapeutics Inc. (NASDAQ:MLYS) lifted their value 15% to $18.44 on Friday, their first day on the exchange. The biotech priced 12 million shares at $16 late Thursday to raise $192 million, exceeding expectations and giving the company a postmoney valuation of about $625 million. Friday’s gains pushed its market cap to $720 million; the stock traded as high as $21.98 intraday...