Kyverna Therapeutics targets up to $711 mln valuation in US IPO
01/02/2024 12:05
Feb 1 (Reuters) - Biotechnology company Kyverna
Therapeutics said on Thursday it was aiming for a market
valuation of up to $711 million in its U.S. initial public
offering (IPO).
The company, backed by names such as Bain Capital Life
Sciences Opportunities and Gilead Sciences, plans to raise up to
$211.3 million by selling about 11 million shares priced between
$17 and $19 each.
The U.S. IPO market is expected to rebound in 2024 as bets
of a soft landing for the U.S. economy rise, after two subpar
years fueled by geopolitical pressures and the Federal Reserve's
aggressive quantitative tightening to curb inflation.
Investments in biotech companies over the past two years
have been a fraction of historical levels. After 108 IPOs in
2021, there were only 18 each in 2022 and 2023 as of
mid-December.
Biotech company and cancer drug developer CG Oncology
CGON.O debuted at $29 per share last week, above its offer
price of $19, while KKR-backed BrightSpring Health Services
BTSG.O also debuted last week at $12 per share below its $13
offer price, highlighting investor apprehensions about fresh
stocks.
Kyverna Therapeutics, founded in 2018, is a clinical stage
cell therapy company that aims to bring disease-modifying
therapeutic benefits to patients suffering from autoimmune
diseases.
The company is looking to advance its lead product
candidate, KYV-101, through clinical development across two
broad areas of autoimmune disease - rheumatology and neurology.
Kyverna Therapeutics plans to list on the Nasdaq under the
symbol "KYTX".
J.P. Morgan, Morgan Stanley, Leerink Partners and Wells
Fargo Securities are acting as the underwriters of the offering.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shinjini
Ganguli)
((Pritam.Biswas@thomsonreuters.com;))