Biotech's 2024 IPO sea­son kicks off with heavy de­mand for CG On­col­o­gy in $380M list­ing

NEW YORK — Blad­der can­cer drug­mak­er CG On­col­o­gy will de­but on the Nas­daq Thurs­day morn­ing in what is ex­pect­ed to be the first of at least half a dozen biotech IPOs be­fore the spring.

The late-stage, near­ly 14-year-old Cal­i­for­nia com­pa­ny kicked off the class of 2024 with a $380 mil­lion up­sized list­ing by sell­ing 20 mil­lion shares. CG On­col­o­gy’s stock $CGON priced at $19 per share, $1 above the high end of the range it pro­posed last week. At the IPO price, that would give CG a mar­ket val­ue of $1.15 bil­lion.

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