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AI Drug Pioneer Iambic Eyes IPO
22 Sep
Summary
- Iambic Therapeutics, backed by Nvidia, filed for a US IPO.
- The company uses AI to develop drug candidates for solid tumors.
- Iambic aims to list on Nasdaq under the symbol 'IAM'.
Drug developer Iambic Therapeutics, supported by major investors including chip giant Nvidia and Qatar's sovereign wealth fund, submitted paperwork for a U.S. initial public offering (IPO) on Monday. This move contributes to a notable influx of biotech listings anticipated this fall.
Founded in 2019, Iambic is leveraging its AI platform to create drug candidates targeting solid tumors. Their lead candidate, IAM1363, is undergoing early-stage trials for conditions like breast cancer. Earlier on Monday, Iambic also announced a multi-year collaboration with drugmaker AbbVie to enhance AI-driven small molecule therapy discovery.
The San Diego-based company intends to offer new shares, having secured approximately $461.8 million from investors since its inception. Key backers include Nvidia, Qatar Investment Authority, Catalio, Nexus Ventures, and Coatue Management. J.P. Morgan, Jefferies, BofA Securities, and Citigroup are managing the offering, with Iambic targeting a Nasdaq debut under the ticker symbol 'IAM'.
