Iambic Therapeutics raises $150 million in US IPO for cancer drugs
Iambic Therapeutics, a biotech startup using AI to develop cancer drugs, and backed by NVIDIA, has pulled in $150 million from its US IPO.
The company sold 9.38 million shares at $16 each, putting its value at $758 million.
The fresh funds will help push forward three early-stage cancer drug candidates.
Iambic Therapeutics AbbVie drug discovery collaboration
Iambic has teamed up with Abbvie Inc. to accelerate AI-enabled drug discovery in immunology, neuroscience, and oncology, and has relationships with Takeda Pharmaceutical Co. and H. Lundbeck A/S.
Big-name investors such as ARK Investment Management and Duquesne Family Office are also eyeing up to $60 million worth of shares.
Since starting out in 2019, Iambic has raised $461.8 million and is about to debut on Nasdaq under the ticker IAM, with JPMorgan Chase & Co. Jefferies Financial Group Inc. Bank of America Corp. and Citigroup Inc. running the show.