CG Oncology aims for $1B valuation in race for year’s first biotech IPO

19 Jan 2024
firstwordpharma.com
ImmunotherapyPhase 3IPOFast TrackBreakthrough Therapy
As January welcomes a steady trickle of biotechs proposing to go public, CG Oncology on Thursday was the first to set terms for its offering.
The oncology company proposed to sell 11.8 million shares at $16 to $18 per share. At the midpoint, CG Oncology would raise just over $200 million. And if the offering prices at the top of the proposed range, CG Oncology would debut with a market capitalization of $995 million.
Last month, CG Oncology scored fast track and breakthrough therapy designation from the FDA for cretostimogene grenadenorepvec to treat high-risk Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC), for which it is in Phase III testing. The oncolytic immunotherapy – the company’s sole compound – is designed to preferentially replicate in retinoblastoma gene pathway-defective cells and trigger an anti-tumor immune response.
IPO hope on the horizon
CG Oncology is one of five biotechs who have filed this month to go public, along with ArriVent, Alto Neuroscience, Kyverna Therapeutics, and Metagenomi. All but the latter have lead programmes in mid- or late-stage testing; Metagenomi has in vivo and ex vivo gene editing candidates in preclinical development across several disease areas.
The month’s filings provide a glimmer of hope after 2023 saw just 19 therapeutics companies make it through the IPO window. In contrast, across 2020 and 2021, more than 200 drug developers went public. For more, see Spotlight On: Biotech IPOs expected to see slow ramp up in 2024.
In December, two other companies – obesity drug developer Fractyl Health and brain cancer-focused NeOnc Technologies – joined the queue, but have not yet set terms for their offerings.
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