City Therapeutics, a Phase 1 biotech developing RNA interference therapies for thromboembolic diseases, raised $200 million by offering 11.1 million shares at $18, within the $17 to $19 range. At pricing, the company commands a fully diluted market value of $1.0 billion.
City Therapeutics is a clinical-stage biotech developing RNA interference (“RNAi”) therapeutics designed to silence disease-relevant proteins. Its pipeline targets indications with significant unmet medical need, including thromboembolic diseases, Stargardt disease type 1, and anemia of chronic disease, where it believes RNAi offers a differentiated approach. Its lead candidate, CITY-FXI, is a City-engineered GalNAc-conjugated small interfering RNA (siRNA) therapeutic targeting Factor XI (FXI). City Therapeutics initiated a Phase 1 trial for CITY-FXI in 2026, starting three single-ascending dose (SAD) cohorts in healthy volunteers. Additional Phase 1 SAD data is expected in late 2026.
The Cambridge, MA-based company will trade on the Nasdaq under the symbol CTY. Goldman Sachs, Jefferies, Stifel, and Oppenheimer & Co. acted as joint bookrunners on the deal.
