Kardigan prices $400M IPO, extending biotech's hot streak
What's the deal? Cardiovascular drug developer Kardigan priced an upsized $400M initial public offering and will begin trading on the Nasdaq under the ticker “KARD”. The haul makes it the fourth biotech this year to raise at least $400M in IPO proceeds — a level rarely hit since 2021 — and the 13th venture-backed biotech to go public in 2026.
Why it matters. The offering caps a fast rise for Kardigan, which launched in January 2025, raised close to $600M in private venture funding, and has now added another $400M in public cash. Its debut lifts the median raised by the 2026 IPO class to almost $302M, a sign that the biotech IPO window is firmly open after years of muted activity.
The science. Kardigan was founded by former executives of MyoKardia, the company behind Camzyos that Bristol Myers SquibbDealroom has a profile for this one. Try Dealroom → acquired for $13B. Its lead drug, danicamtiv — originally discovered at MyoKardia and licensed from Bristol Myers in 2024 — is in late-stage testing for genetically driven dilated cardiomyopathy. The pipeline also includes ataciguat (originated at SanofiDealroom has a profile for this one. Try Dealroom →, further developed by the Mayo ClinicDealroom has a profile for this one. Try Dealroom →) for calcific aortic valve stenosis, and tonlamarsen, licensed from Ionis PharmaceuticalsDealroom has a profile for this one. Try Dealroom →, for acute severe hypertension.
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