Bambusa Therapeutics Inc. shares dropped 6.3% in their trading debut after raising $168.9 million in its US IPO. The Boston-based dermatology biotech closed at $14.99 per share, below the $16 IPO price, giving it a market value of $763.6 million. Founded in 2024, Bambusa is developing long-acting bispecific antibodies for autoimmune and inflammatory diseases, including eczema, respiratory, and gastroenterological conditions.
Its lead candidates were acquired from a BioNTech SE unit. CEO Shanshan Xu called the IPO a pivotal moment, noting clinical validation of the lead program validates the entire pipeline’s underlying technology. Major shareholders include Salvia Investment (nearly 18%), Xu (17%), and RA Capital Management (9%).
The company raised $33.1 million in a November funding round, following an $89 million round earlier that year. As of June 30, Bambusa held $71.5 million in cash and reported a $22.4 million net loss on no revenue. The IPO was led by Bank of America, Evercore, UBS, and Cantor Fitzgerald.
Shares trade on the Nasdaq under the symbol BBTX.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing