Nvidia-Backed Iambic Files for U.S. IPO

Iambic Therapeutics filed for a U.S. IPO on Monday and applied to list on Nasdaq under the ticker IAM. The San Diego AI drug developer, founded in 2019 originally as Entos, has raised about $461.8 million from backers including Nvidia and Qatar Investment Authority. The same Monday, Iambic and AbbVie unveiled a multi-year AI drug-discovery collaboration. Proceeds are slated to advance three early programs led by IAM1363, an oral HER2 inhibitor in Phase 1/1b for advanced HER2-altered solid tumors, plus IAM217 and IAM-C1. Underwriters are J.P. Morgan, Jefferies, BofA Securities and Citigroup. Retension Pharmaceuticals and TRex Bio filed for IPOs on Friday while ADARx Pharmaceuticals launched its roadshow on Monday. Matt Kennedy said all five of the year's best-performing IPOs with deal sizes of $50 million and above are biotechs, with performance driven largely by drug advancement and mergers and acquisitions. Share count and price range are undisclosed. Contested: none found. Offering timing stays open.