Add as a preferred source on GoogleNvidia-Backed Iambic Therapeutics Prices IPO at $16 a Share
The AI drug developer is offering about 9.38 million shares and expects to begin trading on Nasdaq on Oct. 15 under ticker IAM.
A $16 IPO price puts Nvidia-backed Iambic Therapeutics on track to begin Nasdaq trading Oct. 15, with the offering implying a market value of about $758 million for the AI drug developer.
Iambic is offering about 9.38 million shares at the midpoint of a $15-to-$17 price range and plans to raise $150 million. The implied valuation is below the more than $800 million figure in Iambic's earlier Nasdaq plan.
The fundraising is intended to advance three early-stage cancer drug candidates. ARK and a family office affiliated with Druckenmiller had expressed interest in subscribing for up to $60 million in shares combined.
Iambic expects its shares to begin trading on Nasdaq on Oct. 15 under the ticker IAM.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.