Iambic Therapeutics prices IPO at $16 per share

Iambic Therapeutics, a clinical-stage life sciences and technology company based in San Diego, has priced its initial public offering (IPO) on the NASDAQ stock exchange. The company is offering 9,375,000 shares of common stock at a price of $16.00 per share. According to a press release, Iambic anticipates receiving gross proceeds of $150.0 million, after accounting for underwriting discounts, commissions, and other offering expenses.

The company has given underwriters the option to purchase an additional 1,406,250 shares within a 30-day window at the same IPO price, less underwriting discounts and commissions. Iambic's common stock is set to begin trading on the Nasdaq Global Select Market, under the ticker symbol "IAM," starting Thursday. The offering is expected to conclude on Friday, provided all customary closing conditions are met.

Investment banks J.P. Morgan, Jefferies, BofA Securities, and Citigroup are serving as joint book-running managers for the IPO. Iambic utilizes an artificial intelligence-driven platform to develop potential medicines. The company reports that its lead drug candidate, IAM1363, has progressed from preclinical development to clinical trials within roughly two years.

A registration statement regarding the IPO was filed with the Securities and Exchange Commission and is now effective. This report was created with the assistance of artificial intelligence and has been reviewed by an editor.