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Shares of Akebia Therapeutics Inc. surged more than 57 percent in their market debut Thursday after the Cambridge startup raised $100 million in an initial public offering.
Akebia, which is developing drugs to treat patients with chronic kidney disease, sold 5.8 million shares of common stock at $17 a share late Wednesday in the seventh initial public offering this year by a Massachusetts-based biopharmaceutical company.
The company’s shares advanced $9.70 to close at $26.70 on the Nasdaq exchange.
Akebia joins Cerulean Pharma Inc. of Cambridge, Concert Pharmaceuticals Inc. of Lexington, Flexion Therapeutics Inc. in Burlington, Eleven Biotherapeutics Inc. of Cambridge, Genocea Biosciences Inc. of Cambridge, and Dicerna Pharmaceuticals Inc. of Watertown in the ranks of Bay State biotechs that have gone public so far in 2014.