Iambic began trading on the Nasdaq Global Select Market under the ticker IAM and finished its debut session up 18%. The shares settled at $18.91, above the $16 issue price, putting the market value at about $896 million using the outstanding share count.
Lead banks on the deal were JPMorgan Chase & Co., Jefferies Financial Group Inc., Bank of America Corp. and Citigroup Inc. ARK Investment Management, already on the cap table, and Stanley Druckenmiller's Duquesne Family Office had indicated interest in purchasing up to $60 million of stock in total.
Founded in 2019 and headquartered in San Diego, Iambic pairs artificial intelligence with machine learning to uncover new medicines, and it intends to put the IPO proceeds toward advancing three oncology candidates still in early development. The company has a collaboration with AbbVie Inc. to speed AI-enabled discovery across immunology, neuroscience and oncology, and it has ties with Takeda Pharmaceutical Co. and H. Lundbeck A/S. Nvidia is both a shareholder and a partner, and AI cloud company Lambda Inc. is also listed among its partners. Nvidia also joined several of Iambic's prior convertible preferred rounds.
Since its 2019 launch, Iambic has brought in $461.8 million from tech and healthcare backers. Following the IPO, Catalio Capital Management's ownership is projected to decrease to 8.9% from 11%, and Nexus Venture Partners is expected to go to 6.8% from 8.5%.
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This listing gives everyday investors a new way to bet on the mashup of AI and drug development, with oncology programs front and center. The company is still in loss-making mode even as revenue grows, so the next proof points will be how quickly those three early programs progress and how its partnerships translate into pipelines.
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