ArriVent shares rise after snagging $175M in year’s second IPO
26 Jan 2024
ImmunotherapyIPOPhase 3
ArriVent posted modest gains during its first day of trading Friday, rising 11% to close at $20. The oncology company became the second biotech to make its public debut this year after raising $175 million in an IPO late Thursday.
ArriVent follows closely behind CG Oncology, which raised $380 million Wednesday in its massively upsized IPO and nearly doubled its share price during its first day of trading. For more, see Vital Signs: CG Oncology breaks into the top ten.
ArriVent’s offering, however, was mostly in-line with the terms it initially proposed on Monday. The company sold 9.7 million shares at $18, the midpoint of its range. The amount sold was slightly bumped-up from the originally proposed 8.3 million shares, giving ArriVent a market capitalisation of about $575 million.
Both newly public biotechs have Phase III cancer compounds. ArriVent’s lead asset furmonertinib is a tyrosine kinase inhibitor to treat first-line EGFR-mutant non-small-cell lung cancer with exon 20 insertion mutations. CG Oncology’s oncolytic immunotherapy cretostimogene grenadenorepvec is in development for high-risk Bacillus Calmette-Guérin-unresponsive non-muscle invasive bladder cancer.
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