Finance Watch: More Good To Come? CG Oncology Grosses $380m In Year’s First IPO

Upsized Offering With Stock Nearly Doubling In First Day

Public Company Edition: CG Oncology grossed $380m in the first biopharma IPO in the US in 2024. Follow-on offerings have been robust recently, with Edgewise and Immatics grossing $240m and $175m, respectively.

Finance Watch Public Company — • Source: Alamy

CG Oncology, Inc. achieved what no biopharmaceutical company has been able to do for more than two months – it went public in the US. The bladder cancer drug developer also launched the first initial public offering of 2024 and priced an IPO with more shares sold and at a greater price than the company proposed ahead of the actual offering.

Irvine, CA-based CG Oncology’s 24 January IPO went to market with 20 million shares at $19 each to gross $380m, upsized from terms it proposed in a US Securities and Exchange Commission (SEC) filing a day earlier – 17 million shares at $16 to $18 each. The offering boosted the biopharma sector broadly, with the Nasdaq Biotechnology Index closing up 0

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