Nov. 6 Financial Roundup: Cargo aims for $300M NASDAQ listing

Cargo Therapeutics Inc. proposed terms for an IPO that could be among the largest by a biotech on NASDAQ this year. The CAR T cell therapy developer is aiming to sell nearly 18.8 million shares at $15-$17; at the range’s midpoint, a sale of that many shares would raise $300 million and value the company at $618.8 million. The company has generated some clinical data from its lead program targeting CD22. Although most of this year’s biotech listings on NASDAQ have lost value in the aftermarket, the three that raised at least $300 million all gained value on their first trading days; two of those are still trading above their IPO prices.

Terremoto Biosciences Inc. raised a $175 million series B round of financing for its drug discovery platform that targets lysine residues of proteins with small molecules. New investors EcoR1 Capital, Novo Holdings and Cormorant Capital participated in the round alongside existing investors OrbiMed and Third Rock Ventures, which led the company’s $75 million series A in May 2022. ...