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)
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