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Nvidia-Backed Iambic Files for US IPO Amid Busy Fall Biotech Lineup
Iambic Therapeutics, an AI-driven drug developer backed by chipmaker Nvidia and Qatar's sovereign wealth fund, has filed for a US IPO. This move comes as it announced a multi-year drug discovery collaboration with AbbVie.
The company plans to list on Nasdaq under the ticker 'IAM' while selling new shares. Iambic raised about $461.8 million privately and is being underwritten by J.P. Morgan, Jefferies, BofA Securities, and Citigroup.
Biotech IPOs have been holding up better than the broader market due to steady acquisition demand from large drugmakers. This dynamic can create a 'valuation floor' for investors, as they can point to a plausible exit via an acquisition even if the public market isn't paying up.