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Aduro Biotech IPO priced at $17 per share, says underwriter-Reuters

(Reuters) – Aduro Biotech Inc‘s initial public offering has been priced at $17 per share, an underwriter said, valuing the cancer immunotherapy drug developer at about $1 billion.

The upsized offering, which was priced on par with the company’s expectation, raised about $119 million.

Aduro, which counts Johnson & Johnson and Novartis AG among its investors, is selling all the 7 million shares in the offering.

The company had previously planned to sell 5 million shares and expected the offering to be priced at $14-$16 per share.

Shares of Aduro are expected to start trading on Wednesday on the Nasdaq under the symbol “ADRO.”

BofA Merrill Lynch and Leerink Partners are the main underwriters for the offering.