Drug developer City Therapeutics files for US IPO as biotech listings surge 

Sept 24 — Drug developer City Therapeutics filed for a US initial ​public offering on Thursday, joining a rush of biotech firms lining up to tap the fall ‌IPO window.

Biotech has been one of the key themes of the IPO ⁠market this year amid ​renewed investor interest in the ⁠industry, although fall listings have struggled to gain ‌momentum as surging ‌bond yields, a tightening rate environment and concerns around ⁠the AI trade weigh ⁠on risk appetite.

ADARx Pharmaceuticals, which is developing RNA-based drugs for rare diseases, is expected to go public in New York on Friday.

Drug developers Retension Pharmaceuticals, TRex Bio and Iambic Therapeutics earlier this month also unveiled their ‌US IPO filings, a key step ​ahead of a potential roadshow launch.

Founded in 2023, City Therapeutics is advancing a pipeline of RNA-based drugs for rare diseases. Its most advanced product candidate, CITY-FXI, is in an early-stage trial to treat thrombosis, which is the formation of harmful clots inside a blood ​vessel.

The Cambridge, Massachusetts-based company has raised roughly $238.8 million since inception ‌from life sciences ‌investors, ⁠including ARCH Venture Partners, Fidelity Management & Research Company, Invus, and Viking Global Investors.

City Therapeutics plans to sell new shares in the IPO.

Goldman Sachs, Jefferies, Stifel and Oppenheimer ‌are the underwriters for ​the offering. The company will ‌list on the ⁠Nasdaq under ​the symbol "CTY."

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by ​Jonathan Ananda)

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