CARGO Therapeutics, a Phase 2 biotech developing CAR T cell therapies for cancer, announced terms for its IPO on Monday.
The San Mateo, CA-based company plans to raise $300 million by offering 18.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, CARGO Therapeutics would command a fully diluted market value of $653 million.
CARGO Therapeutics' lead program, CRG-022, is an autologous CD22 CAR T-cell candidate, the underlying CAR of which the company exclusively licensed from the National Cancer Institute. This past August, the company initiated a potentially pivotal Phase 2 trial of CRG-022 in patients with large B-cell lymphoma whose disease relapsed or was refractory to CD19 CAR T-cell therapy. Interim results are expected in 2025.
CARGO Therapeutics was founded in 2019 and plans to list on the Nasdaq under the symbol CRGX. J.P. Morgan, Jefferies, TD Cowen, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2023.
