City Therapeutics eyes valuation of up to $956.3 million in US IPO amid biotech listing push
City Therapeutics eyes valuation of up to $956.3 million in US IPO amid biotech listing push Oct 9 (Reuters) - City Therapeutics on Friday said it is targeting a valuation of up to $956.3 million in its US initial public offering, as biotech companies press ahead with listings despite market uncertainty.
The Massachusetts-based company is seeking to raise up to $184.7 million by offering 9.7 million shares priced between $17 and $19 each
The US IPO market has remained open for business, but uncertainty due to the Iran war and valuation concerns are forcing more attractive deal terms
Even so, biotech companies are proceeding with IPOs on renewed investor interest, despite the overheated AI trade and geopolitical tensions
Retension Pharmaceuticals upsized its IPO, while TRex Bio priced its offering on Thursday, with both drug developers expected to begin trading on Nasdaq on Friday
Nvidia-backed Iambic Therapeutics also launched its roadshow this week
Founded in 2023, City Therapeutics is advancing a pipeline of RNA-based rare disease drugs
Its lead candidate, CITY-FXI, is in early-stage trials to treat thrombosis, which is the formation of harmful clots inside a blood vessel
IPO proceeds will be used to fund clinical trials, advance its RNA interference platform, and support working capital and general corporate purposes
Goldman Sachs, Jefferies, Stifel and Oppenheimer are underwriters; shares will trade on Nasdaq as "CTY"
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Vijay Kishore)
((Prakhar.srivastava2@thomsonreuters.com;))