Kite Pharma Surges In IPO

Los Angeles-based Kite Pharma, a biopharmaceuticals firm developing treatments for cancer, surged in its IPO this morning on the NASDAQ Global Market, trading as high as $29.22 in morning trading. The company had priced last night at $17.00 per share, above an earlier estimated initial public offering price of between $12.00 and $14.00 per share. Kite Pharma is venture backed by Pontifax, Alta Partners, and Commercial Street Capital, as well as financier David Bonderman. The company was up 68 percent in morning trading.