AI start-up developing cancer drugs raises $150M in US IPO
What's the story
Iambic Therapeutics, a clinical-stage cancer drugmaker and tech firm, has raised $150 million in its US initial public offering (IPO). The shares were sold at the midpoint of its marketed range, with Iambic selling some 9.38 million shares at $16 each. The San Diego-based company is backed by NVIDIA Corp. and employs artificial intelligence (AI) and machine learning to discover new treatments.
Market valuation
Iambic's market value hits $758 million
At the IPO price, Iambic has a market value of $758 million. The company plans to use the funds from its IPO to further three early-stage cancer drug candidates.
Notably, ARK Investment Management and Stanley Druckenmiller's Duquesne Family Office have shown interest in purchasing up to $60 million worth of shares in this offering.
Strategic alliances
Partnerships with major pharmaceutical companies
Iambic has partnered with Abbvie Inc. to speed up AI-enabled drug discovery in immunology, neuroscience, and oncology. The company also has ties with Takeda Pharmaceutical Co. and H. Lundbeck A/S.
Iambic has raised a total of $461.8 million from tech and healthcare-focused investors since its inception in 2019. It reported a net loss of $50.1 million on revenue of $12.8 million for the first half of 2026.