Cargo Therapeutics to offer 18.8 million shares in IPO priced at $15 to $17 each

Cargo Therapeutics
CRGX,
,
a clinical-stage biotech specializing in cancer treatments, set terms for its initial public offering 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 is pre-revenue and loss-making, as is often the case for biotechs with no approved drugs. The company has applied to list on Nasdaq under the ticker “CRGX.” The Renaissance IPO ETF
IPO,
-2.29%
has gained 29% in the year to date, while the S&P 500
SPX,
+0.03%
has gained 13.5%.