CG Oncology, ArriVent set to test IPO waters this week
Queue has continued to grow as some investors expect a warming trend for new biotech listings later this year
Two biotechs are likely to test the market’s appetite for new listings this week, as CG Oncology and ArriVent are lining up IPOs on NASDAQ. And although investors and bankers have told BioCentury not to expect much of an IPO market until 2Q24, the queue is growing behind the year’s first two offerings.
According to the exchange’s website, CG Oncology Inc. is expected to price ahead of Thursday’s session. The biotech has already upsized its proposal this week, enlarging the share count to 17 million from 11.8 million. If it prices at the high end of its range and fulfills its underwriters’ allotment to raise $351.9 million — or otherwise exceeds expectations — CG Oncology could have the largest biotech IPO on NASDAQ since the $621 million offering by Acelyrin Inc. (NASDAQ:SLRN) in May 2023...