Gilead-backed Kyverna Therapeutics valued at $1.4 bln in stellar debut (updated)

Kyverna Therapeutics

08/02/2024 18:46

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       Feb 8 (Reuters) - Shares of Kyverna Therapeutics
 KYTX.O  jumped 55.7% in their market debut on Thursday, giving
the biopharmaceutical company that is backed by Gilead Sciences
 GILD.O  a market capitalization of $1.4 billion.
    Emeryville, California-based Kyverna's stock opened at
$34.25 each, above the initial public offering (IPO) price of
$22 per share.
    The U.S. IPO market is slowly recovering after a two-year
lull fueled by the Federal Reserve's aggressive interest rate
hikes and geopolitical uncertainty, as bets of a soft landing
for the world's largest economy firm up. 
    The company sold 14.5 million shares priced at $22 per
share, raising $319 million in an upsized offering.
     Kyverna is a clinical-stage biopharmaceutical company
focused on developing cell therapies for patients suffering from
autoimmune diseases.
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shinjini Ganguli)
 ((ArasuKannagi.Basil@thomsonreuters.com;))