Two IPOs bucked up today’s sell-off and had super successful market debuts. First, GrubHub, the online food delivery company priced its shares above the expected range at $26 each. At its current price, the company is valued at nearly $3 billion. Shares surged 31 percent to $34.
IMS Health also popped in its trading debut. The health care company provides data and consulting services to drug makers and health care providers. It priced its shares at $20 a piece. The stock jumped 15 percent to $23.
Mylan & Meda AB
Shares of Mylan surged after the pharmaceutical company made a bid for Swedish drug maker Meda AB. The combination would have created a $24 billion generic drugs group, but Meda AB rejected the offer. Even after the failed bid, shares of Mylan were higher up 1.5 percent to $50.63.
Shares of Amgen tumbled after the company’s Melanoma drug failed to improve survivor rates in patients in a late-stage study. The treatment is able to shrink tumors, as the company previously reported, but its inability to improve survival rates worried investors. The stock fell four percent to $119.11