Biotech bear market be damned, CAR-T player Arcellx raises $123M IPO
The current biotech bear market doesn’t mean it’s impossible for a new biotech to have a successful IPO, merely harder.
On Friday, CAR-T company Arcellx announced it priced its IPO at $15 per share, raising $123.8 million.
Although $15 was the low end of the company’s proposed range and the overall total falls short of the New York Yankees payroll-sized hauls even early-stage biotechs were able to collect in the summer and fall of 2020, it still amounts to a significant raise by the industry’s historic standards.
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