Novo-Backed Drugmaker Avalyn Soars 44% After $300 Million US IPO

Avalyn Pharma Inc., a biopharma company developing inhaled treatments for rare lung diseases, raised $300 million in a US initial public offering that priced at the top of its marketed range. The stock surged 44% on its first day of trading, with CEO Lyn Baranowski ringing the opening bell at Nasdaq MarketSite in New York.