Bambusa seeks $134M IPO to fund eczema antibody trials
What's the deal? Bambusa Therapeutics, a Boston-based immunology and inflammation biotech, plans to raise about $134.9 million by selling 9.4 million shares at $15 to $17 each in a Nasdaq IPO. The sum could rise to $155.8 million if underwriters exercise their option to buy 1.4 million more shares. The company will trade under the ticker BBTX.
What's the endgame? About $90 million of the proceeds would fund a planned Phase 2b study of BBT001, a long-acting bispecific antibody for atopic dermatitis, or eczema. A further $40 million is earmarked for BBT002, a second bispecific antibody now in early trials for chronic obstructive pulmonary disease.
Why now? Bambusa, founded in 2024 by former BioNTech executives Shanshan Xu and Helmut Jeggle, built its pipeline from assets licensed from BioNTech's Chinese subsidiary Biotheus. In July, it reported preliminary data from a 17-patient Phase 1 study showing 82% of BBT001 recipients achieved more than 50% improvement in eczema severity by week six, placebo-adjusted.
Who is backing it? Its largest holders include Salvia Investment, RA Capital Management, BVF PartnersDealroom has a profile for this one. Try Dealroom →, KKR-controlled Dawn Biopharma, and INCE CapitalDealroom has a profile for this one. Try Dealroom →. Co-founder Xu owns 21.5%. Bank of America, Evercore, UBS, and Cantor FitzgeraldDealroom has a profile for this one. Try Dealroom → are leading the offering.
The company raised $33.1 million in November, a round that valued it well above an $89 million raise earlier that year. It reported $71.5 million in cash at the end of June.
What could go wrong? BBT001 is still early-stage, and investors remain selective about clinical-stage companies without revenue. Further data is expected in the first half of 2027.
The signal: Bambusa's offering lands during a biotech rebound that saw the sector raise $7.5 billion across 22 IPOs in the first three quarters of 2026. It arrives alongside Aspen Neuroscience, a Parkinson's cell-therapy biotech targeting a near-identical $134.5 million raise — a test of whether investors will finance sizeable but still-early pipelines in a reopened IPO window.
Read more: sec.gov, fiercebiotech.com
Image credit: Generated with Gemini
