Business

IPO for Lexington biotech Concert Pharmaceuticals Inc. raises $84 million

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Concert Pharmaceuticals Inc. shares rose 18 cents to $14.18, for a modest gain of 1.3 percent in their opening day of trading on the Nasdaq exchange Thursday after the Lexington biotechnology company raised $84 million in an initial public offering.

The IPO was the fifth by a Massachusetts biotech this year. Concert joined Flexion Therapeutics Inc. of Burlington, Cambridge-based Eleven Biotherapeutics Inc. and Genocea Biosciences Inc., and Dicerna Pharmaceuticals Inc. of Watertown in joining the ranks of newly public companies. Nine biotechs from Massachusetts went public in 2013.

Eight-year-old Concert is developing drugs to treat central nervous system disorders, renal disease, inflammation, and cancer. In its IPO, the company sold 6 million shares at a price of $14 each, giving underwriters an option to buy an additional 900,000 shares.

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