Gilead-backed Kyverna Therapeutics aims for $857.3 mln valuation in upsized IPO

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Gilead-backed Kyverna Therapeutics aims for $857.3 mln valuation in upsized IPO

Feb 6 (Reuters) – Kyverna Therapeutics expects up to $857.3 million valuation in its U.S. initial public offering (IPO), the biotechnology company said on Tuesday as it raised its offering.
 
The company, backed by Gilead Sciences (GILD.O) and Bain Capital Life Sciences Opportunities, increased the pricing of its IPO and now plans to raise up to $304.5 million by selling 14.5 million shares priced between $20 and $21 apiece.
 
Earlier, Kyverna was planning to raise up to $211.3 million at a valuation of up to $711 million. It had offered to sell about 11 million shares priced at between $17 and $19 each.
 
The IPO market is looking for a comeback as bets of a soft landing for the U.S. economy have risen, after two subpar years fueled by the Federal Reserve’s record aggressive interest rate hikes and various geopolitical pressures.