早期RNAi药企City Therapeutics以18美元定价2亿美元IPO，周五以CTY登陆纳斯达克

City Therapeutics Inc., an early-stage developer of RNAi-based drugs, raised $200 million in a US initial public offering priced at the mid-point of its marketed range.

The company, which counts Arch Venture Partners and Fidelity Management & Research among its investors, sold 11.1 million shares for $18 apiece, according to a statement dated Oct. 15. City had marketed 9.72 million shares for $17 to $19 each, its filings with the US Securities and Exchange Commission show.

At the IPO price, the Cambridge, Massachusetts-based firm would have a market value of roughly $906 million, based on the outstanding shares in its filings.

City is developing RNAi-based drugs to treat thromboembolic diseases and Stargardt disease, an inherited macular degenerative disease in children and young adults. The firm’s lead product is in an early-stage trial, and other product candidates are in preclinical development or drug discovery. City expects to report data from the phase 1 study this year.

The offering follows investors’ warm welcome to peer gene therapy developer Adarx Pharmaceuticals Inc., which raised about $446 million in its debut last month. New entrants in biotech and pharma have raised $8 billion this year, versus $1.3 billion in the corresponding period in 2025, according to data compiled by Bloomberg.

City has strategic collaborations with Bausch + Lomb Corp. and Biogen Inc. to advance RNAi therapeutics for diseases of the eye and the central nervous system, respectively.

John Maraganore, the founding chief executive officer of RNAi drug developer Alnylam Pharamaceuticals Inc., co-founded City and serves as its executive chair.

City had a net loss of $53.4 million on collaboration revenue of $6.4 million in the six months ended June 30, 2026, compared with a net loss of $24.3 million on revenue of $5.6 million a year earlier, the filing shows.

City has raised $238.8 million in private funding since it was founded in 2023 through June 30, according to its filings. Arch is expected to control about 27% of the company after the offering, while Fidelity will have a 7.6% stake, the filing shows.

The offering was led by Goldman Sachs Group Inc., Jefferies Financial Group Inc., Stifel Financial Corp. and Oppenheimer & Co. Shares are expected to begin trading Friday on the Nasdaq Global Market under the symbol CTY.

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