Biotech IPOs on the Rise
Aardvark’s Nasdaq debut—trading under the symbol “AARD”—comes as the biotech IPO landscape heats up. Last week, Sionna Therapeutics, focused on cystic fibrosis treatments, raised $191 million, while Metsera Inc., another obesity drug developer, netted $275 million in an upsized offering last month.
Underwriters could push Aardvark’s IPO haul to $108.4 million if they exercise their 30-day option to purchase an additional 883,200 shares.
Wall Street Backs Biotech’s Expansion
Morgan Stanley, BofA Securities, Cantor Fitzgerald, and RBC Capital Markets are underwriting the IPO, signaling strong institutional support for the next generation of obesity and metabolic treatments.
Legal Teams Steering the Deal
A Paul Hastings LLP team, led by Jeff Hartlin, Samantha Eldredge, and Elizabeth Razzano, advised Aardvark on the offering. The underwriters are represented by Cooley LLP, with a team spearheaded by Charlie Kim, Kristin VanderPas, Denny Won, and Jean Park.
With Aardvark now trading publicly, all eyes are on whether its experimental therapies can deliver blockbuster results—both in the clinic and on Wall Street.
