City Therapeutics Inc., an early-stage RNAi drug developer, raised $200 million in a US IPO priced at $18 per share, selling 11.1 million shares. The Cambridge, Massachusetts-based company, backed by Arch Venture Partners and Fidelity Management & Research, reached a market value of roughly $906 million. John Maraganore, co-founder and executive chair, leads the firm developing therapies for thromboembolic diseases and Stargardt disease. Strategic collaborations with Bausch + Lomb and Biogen support its pipeline, with phase 1 data expected this year.
The offering follows Adarx Pharmaceuticals' $446 million debut and reflects a surge in biotech IPOs, with $8 billion raised this year versus $1.3 billion in 2025. City reported a $53.4 million net loss on $6.4 million in revenue for the six months ended June 30, 2026, up from $24.3 million loss on $5.6 million revenue a year earlier. It has raised $238.8 million in private funding since 2023.
Arch is expected to control 27% of the company post-offering, with Fidelity holding 7.6%. The IPO was led by Goldman Sachs, Jefferies, Stifel, and Oppenheimer. Shares will trade on Nasdaq under symbol CT Y starting Friday.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing