Heart Health Biotech Kardigan Raises $400 Million in Upsized IPO

Kardigan Inc. raised $400 million in an upsized US initial public offering that priced at the top of its marketed range.

The heart-health focused biotech sold 25 million shares at $16 each, according to a statement Wednesday. The firm had marketed 23.3 shares for $14 to $16 each, an earlier filing showed.

Led by a team including the former managers of MyoKardia Inc. prior to its $13.1 billion acquisition by Bristol-Myers Squibb Co. in 2020, the firm is developing separate drugs to treat genetic dilated cardiomyopathy, calcific aortic valve stenosis and acute severe hypertension.

Kardigan had a net loss of ...