CARGO’s $281M IPO could be the last listing of 2023 after market’s ‘drastic turn’

CAR­GO Ther­a­peu­tics will join the Nas­daq on Fri­day morn­ing in what some in­dus­try in­sid­ers think could be the fi­nal, maybe penul­ti­mate, ini­tial pub­lic of­fer­ing for a biotech this year.

The CAR-T cell ther­a­py mak­er will raise about $281 mil­lion by sell­ing 18.75 mil­lion shares at $15 apiece {CRGX}, the low end of the range it pro­posed ear­li­er this week. CAR­GO’s Wall Street en­try is one of the in­dus­try’s largest IPOs of the year, and like 2022, this year has been a rel­a­tive­ly dis­mal pe­ri­od for list­ings af­ter 2021 fiz­zled out and the boon in 2020.

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