Kardigan, a clinical-stage company focused on precision medicines for cardiovascular conditions, disclosed plans to pursue an initial public offering in the United States that targets a valuation of up to $1.4 billion.
The company said it intends to offer 23.3 million shares at a proposed price range of $14 to $16 per share, a sale that could generate up to $373.3 million in gross proceeds. Kardigan will list on the Nasdaq under the ticker symbol "KARD."
Management said the financing is intended to support the clinical advancement of three late-stage experimental therapies, along with other research efforts, working capital, and general corporate purposes. The three programs identified are:
- Danicamtiv - being developed for genetic dilated cardiomyopathy.
- Ataciguat - being evaluated for calcific aortic valve stenosis.
- Tonlamarsen - designed to target hepatic angiotensinogen for blood pressure management in acute severe hypertension.
The company reported that research and development expenses rose sharply in the most recent quarter, more than doubling to $45.1 million in the quarter ended March 31 compared with the same period a year earlier. Kardigan attributed the increase primarily to heightened clinical development activity across its pipeline.
Investment banks J.P. Morgan, Jefferies, Leerink Partners and TD Cowen are listed as underwriters for the offering.
The proposed offering arrives as investor interest in healthcare listings has shown signs of recovery, particularly for companies that bring forward clinical progress and more defined routes to commercialization. The re-emergence of demand was underscored by a recent Nasdaq debut from Parabilis Medicines, whose shares rose sharply on their first day of trading.
IPOX Research Associate Lukas Muehlbauer said: "We have seen a clear uptick in biotech IPOs in recent months, with healthcare IPO activity already surpassing last year’s deal flow, which shows that the IPO window for the sector is open again." He added, however, that the current market is not a return to the 2020-2021 boom and that investors remain selective, favoring companies with clinical progress and clearer paths to FDA approval.
Kardigan is based in Princeton, New Jersey, and will trade on the Nasdaq under the symbol KARD if the offering proceeds as planned.