Nvidia-backed AI drug developer Iambic prices IPO at $16 a share
AI drug discovery company Iambic Therapeutics said on Oct. 14 local time that it priced its initial public offering at $16 per share, offering 9.375 million shares to raise an expected $150 million, with underwriters granted a 30-day option for up to 1.40625 million additional shares. The stock is expected to list on the Nasdaq Global Select Market on Oct. 15 under the ticker "IAM," with the offering slated to close Oct. 16; JPMorgan, Jefferies, BofA Securities and Citigroup are joint bookrunners. Iambic uses AI alongside automated chemistry and biology experiments to speed drug development, and its candidate IAM1363 has entered clinical trials; Nvidia was among its backers.
It is a test case for whether public investors will pay for the pitch that AI can shorten drug development timelines.