City Therapeutics prices upsized IPO to raise $200M
What's the deal? City Therapeutics, a clinical-stage biotech developing RNA interference (RNAi) therapeutics, priced its upsized initial public offering at $18.00 per share. The Cambridge, Massachusetts company is selling 11,111,111 shares for gross proceeds of roughly $200 million, before fees. Its stock is set to begin trading on the Nasdaq Global Market on October 16 under the ticker "CTY."
The details: The offering is expected to close on October 19, subject to customary conditions. City has also granted underwriters a 30-day option to buy up to 1,666,666 additional shares at the IPO price. All shares are being offered by the company.
Who's backing it? Goldman Sachs & Co.Dealroom has a profile for this one. Try Dealroom →, JefferiesDealroom has a profile for this one. Try Dealroom →, and Stifel are joint book-running managers, with Oppenheimer & Co.Dealroom has a profile for this one. Try Dealroom → also acting as a joint book-running manager. The US Securities and Exchange Commission declared the registration statements effective on October 15.
What's the endgame? City says it is engineering the next generation of RNAi therapeutics. Its lead programs are CITY-FXI for thromboembolic diseases, CITY-RBP4 for Stargardt disease and other retinal diseases, and CITY-TFR2 for anemia tied to chronic disease.
How it works: The company's platform integrates trigger engineering, including proprietary cityRNA triggers designed to address limitations of conventional RNAi approaches, tissue-selective delivery, and genetics-driven target selection.
The signal: A $200 million raise from a clinical-stage company that upsized its offering points to investor appetite for RNAi, a field where durability and targeted delivery remain the core technical challenges. For City, the capital buys runway to advance three programs through the clinic.
Read more: pr.sacramentooracle.com
Image credit: Generated with Gemini
