Key facts
- Kardigan is seeking to raise up to $373.3 million in its U.S. IPO.
- The company is targeting a valuation of up to $1.4 billion.
- Kardigan plans to offer 23.3 million shares priced between $14 and $16 each.
- The funds will advance three late-stage cardiovascular drug candidates.
- Kardigan will list on the Nasdaq under the ticker symbol KARD.
Clinical-stage biotech firm Kardigan is aiming for a valuation of up to $1.4 billion in its U.S. initial public offering, seeking to raise approximately $373.3 million by offering 23.3 million shares priced between $14 and $16 each. The company develops precision medicines for cardiovascular diseases and plans to use the proceeds to advance three late-stage drug candidates.
The IPO comes amid signs of recovery in the biotech market, with investors showing renewed interest in healthcare companies with advanced clinical programs. IPOX Research Associate Lukas Muehlbauer noted an uptick in biotech IPOs, though he cautioned that investors remain selective, favoring companies with clear paths to FDA approval.
Kardigan's pipeline includes experimental therapies for genetic dilated cardiomyopathy, calcific aortic valve stenosis, and hepatic angiotensinogen for blood pressure management. The company's research and development expenses more than doubled to $45.1 million in the first quarter ended March 31, driven by increased clinical development activity. The Princeton, New Jersey-based company will list on the Nasdaq under the ticker symbol KARD, with J.P. Morgan, Jefferies, Leerink Partners, and TD Cowen serving as underwriters.