Heart drug developer Kardigan targets $1.4 billion valuation in US IPO

Kardigan is targeting a valuation of up to $1.4 billion in its initial public offering in the United States, the drug developer said on Thursday.

The clinical-stage ​biotech, which is developing precision medicines for ​cardiovascular diseases, is seeking to raise up to $373.3 million by offering 23.3 million shares priced between $14 and $16 each.

The company is advancing three late-stage experimental therapies: danicamtiv ‌for ⁠genetic dilated cardiomyopathy, ataciguat for calcific aortic valve stenosis, and tonlamarsen targeting hepatic angiotensinogen for blood pressure management in acute severe hypertension.

The Princeton, New Jersey-based company will list on the Nasdaq under the ⁠ticker ​symbol "KARD".

J.P. Morgan, Jefferies, Leerink Partners ​and TD Cowen are the underwriters for the offering.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber)

Copyright Reuters or USA Today Network via Reuters Connect

This story was originally published June 11, 2026 at 3:33 AM.