Kyverna IPO rides biotech listing wave to $319M haul

08 Feb 2024
firstwordpharma.com
ImmunotherapyIPOCell TherapyPhase 2
Autoimmune cell therapy developer Kyverna Therapeutics has pulled in a $319-million raise, becoming the fifth biotech to launch an initial public offering (IPO) so far this year. The company sold 14.5 million shares at $22 each, above its already increased range of $20-$21 per share.
The company filed last week to sell 11.1 million shares at $17-$19 each, which would have generated roughly $200 million at the midpoint, later raising the proposed deal size by another $97 million.
The IPO is the second biggest biotech raise so far this year after CG Oncology which brought in $380 million late last month, valuing the cancer company at $1.2 billion. ArriVent raised $175 million, while Fractyl Health and Alto Neuroscience made their public debuts with IPOs of $110 million and $128.6 million, respectively.
Proceeds will go toward advancing Kyverna's lead asset KYV-101, an autologous CD19 CAR T-cell therapy, in mid-stage testing across multiple inflammatory conditions. The company has ongoing and planned Phase II trials in lupus nephritis, myasthenia gravis, multiple sclerosis and systemic sclerosis.
Next up in the IPO queue are preclinical gene editing company Metagenomi and NeOnc Technologies, which is developing intranasal and oral therapies for brain cancer.
Metagenomi is hoping to raise to raise $100 million through the sale of 6.3 million shares at $15-$17 apiece, which would value it at about $600 million at the midpoint, while NeOnc is looking at $75 million by offering 3.8 million shares at a price range of $18.75 to $20.75. At the midpoint of the range, the firm would have a market value of $466 million.
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