Kyverna lands $319M IPO as autoimmune CAR-T field has its moment in the sun
California biotech Kyverna Therapeutics will garner $319 million from its Thursday morning Nasdaq debut as it rides a small but welcome wave of investor enthusiasm for initial public offerings.
Perhaps in a sign of investor appetite for Kyverna’s work to bring CAR-T cell therapies into the autoimmune world, beyond their initial proving ground in blood cancer, the biotech was able to haul in a larger chunk of capital than it originally expected. Last week, the company set out to raise about $182 million but quickly broadened that ask to $272 million on Tuesday. Kyverna originally sought a price range of $17 to $19 last week but upped it to $20 to $21 earlier this week. It went even higher for the final pricing.
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