Biotechs Iambic Therapeutics (IAM Proposed) and City Therapeutics (CTY Proposed) are taking center stage this week as the only two deals on the IPO calendar. The light schedule coincides with the Columbus Day holiday and the unofficial kickoff of corporate earnings season, though it highlights a broader resurgence in biotech sector IPO volume compared with the previous year.
San Diego-based Iambic is offering 9.38 million shares priced between $15.00 and $17.00 to raise approximately $150.08 million at the midpoint. Its lead candidate, IAM 1363, targets HER2-altered solid tumors in Phase 1/1B trials. Meanwhile, Cambridge, Massachusetts-based City Therapeutics is offering 9.72 million shares at $17.00 to $19.00 to raise roughly $174.96 million. City focuses on RNA interference (RNAi) therapeutics, with a pipeline addressing stroke prevention, Stargardt disease, and anemia of chronic disease.
Both clinical-stage companies are currently unprofitable, reporting net losses and modest collaboration revenues in their recent prospectuses. Joint book-runners for the Iambic offering include J.P. Morgan, Jefferies, BofA Securities, and Citigroup, while Goldman Sachs, Jefferies, Stifel, and Oppenheimer & Co. are managing City Therapeutics’ debut.
