Iambic Therapeutics, a Phase 1 biotech using its AI platform to develop small molecule cancer therapies, raised $150 million by offering 9.4 million shares at $16, within the $15 to $17 range. Existing shareholder ARK Investment Management and new investor Duquesne Family Office had indicated on $60 million worth of shares in the offering (40% of the deal). At pricing, the company commands a market value of $809 million.
Iambic Therapeutics is a clinical-stage biotech that pairs proprietary AI models with automated, high-throughput chemistry and biology to design small molecule drugs. The platform runs a closed loop: its models propose compounds, robotic labs synthesize and test hundreds per program each week, and the resulting data retrains the models. Lead candidate IAM1363 is a selective, brain-penetrant HER2 inhibitor in a Phase 1/1b trial across HER2-altered solid tumors, with a registrational trial possible as early as 2027; two preclinical programs targeting KIF18A and CDK2/4 are slated for INDs in the fourth quarter. Iambic Therapeutics has earned revenue so far through collaborations with AbbVie, Takeda, Bayer, and others.
The San Diego, CA-based company will trade on the Nasdaq under the symbol IAM. J.P. Morgan, Jefferies, BofA Securities, and Citi acted as joint bookrunners on the deal.
