Cargo Therapeutics sets IPO terms

7 November 2023

San Mateo, USA-based biotech start-up Cargo Therapeutics, which is specializing in cancer treatments, set terms for its initial public offering (IPO) early Monday with plans to offer 18.8 million shares priced at $15 to $17 each.

The company would raise $319.6 million at the top of that range at a valuation of $656.2 million. JP Morgan, Jefferies, TD Cowen and Truist Securities are underwriting the deal.

Proceeds will be used to fund clinical development, R&D and for working capital and other general corporate purposes. The company has applied to list on Nasdaq under the ticker "CRGX."

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