City Therapeutics raises $200 million in upsized US IPO for RNAi drugs

City Therapeutics raised $200 million in an upsized U.S. initial public offering, pricing 11,111,111 common shares at $18 per share—the midpoint of its $17 to $19 targeted range. Backed by Arch Venture Partners and Fidelity Management & Research, the Cambridge-based biotechnology firm is advancing RNA interference therapies, including candidates for thromboembolic conditions, Stargardt disease, and anemia. Trading on Nasdaq under ticker CTY begins October 16, 2026.

Company focus and pipeline

• ▪Cambridge, Massachusetts-based clinical-stage biotechnology company City Therapeutics focuses on developing RNA interference therapeutics.
• ▪City Therapeutics' development pipeline includes CITY-FXI for thromboembolic diseases, CITY-RBP4 for Stargardt disease, and CITY-TFR2 for chronic disease anemia.

IPO terms and pricing

• ▪City Therapeutics priced its US initial public offering at $18.00 per share on October 14, 2026, raising $200.0 million in gross proceeds.
• ▪City Therapeutics upsized its initial public offering to 11,111,111 common shares, increasing from an originally planned 9.72 million shares.
• ▪City Therapeutics granted its underwriters a 30-day option to purchase up to an additional 1,666,666 common shares at the $18.00 IPO price.
• ▪The $18.00 per share offer price for City Therapeutics was set at the midpoint of its initial target range of $17.00 to $19.00 per share.

Listing timeline and underwriters

• ▪Goldman Sachs & Co. LLC, Jefferies, Stifel, and Oppenheimer & Co. acted as joint book-running managers for City Therapeutics' initial public offering.
• ▪City Therapeutics' upsized initial public offering is scheduled to close on October 19, 2026, subject to customary closing conditions.
• ▪Registration statements for City Therapeutics' offered securities were declared effective by the U.S. Securities and Exchange Commission on October 15, 2026.
• ▪City Therapeutics' common stock was scheduled to begin trading on the Nasdaq Global Market under the ticker symbol CTY on October 16, 2026.