Fidelity-Backed City Therapeutics Seeks $184.7 Million in US IPO

City Therapeutics Inc., an early-stage developer of RNAi-based drugs, is seeking to raise as much as $184.7 million in a US initial public offering.

The company, which counts Arch Venture Partners and Fidelity Management & Research among its investors, is marketing 9.72 million shares for $17 to $19 apiece, according to its filing Friday with the US Securities and Exchange Commission.

At the top of the price range, the Cambridge, Massachusetts-based firm would have a market value of roughly $956.3 million, based on the outstanding shares in the filing.

The proposed listing follows investors’ warm welcome to peer gene therapy developer Adarx Pharmaceuticals Inc. which raised $446.3 million in its debut last month. New entrants in biotech and pharma have raised $7.8 billion this year, versus $1.3 billion in the corresponding period in 2025, according to data compiled by Bloomberg.

City is developing RNAi-based drugs to treat thromboembolic diseases and Stargardt disease, an inherited macular degenerative disease in children and young adults. The firm’s lead product is in an early-stage trial for the prevention of thromboembolic diseases, and other product candidates are in preclinical development or drug discovery. City expects to report data from the phase 1 study this year.

The company has strategic collaborations with Bausch + Lomb Corp. and Biogen Inc. to advance RNAi therapeutics for diseases of the eye and the central nervous system respectively.

John Maraganore, the founding chief executive officer of RNAi drug developer Alnylam Pharamaceuticals Inc., co-founded City and serves as its executive chair.

City had a net loss of $53.4 million on collaboration revenue of $6.4 million in the six months ended June 30, 2026, compared with a net loss of $24.3 million on revenue of $5.6 million a year earlier, the filing shows.

Since it was founded in 2023 through June 30, City has raised $238.8 million in private funding, according to its filing. Arch controls 35% of the company prior to the IPO, while Fidelity has a 10% stake.

In June, City completed a roughly $99.5 million Series B funding round that saw Viking Global Investors and Sofinnova Investments come on as new investors, with existing backers including Arch and Fidelity also participating, a statement at the time showed .

The offering is being led by Goldman Sachs Group Inc., Jefferies Financial Group Inc., Stifel Financial Corp. and Oppenheimer & Co. City expects its shares to trade on the Nasdaq Global Market under the symbol CTY.

Read more on IPOs:
For the latest news on equity capital markets activity in the US, Canada and Latin America, terminal users can follow the channel or visit NI BFWECMUS. To subscribe to ECM Watch, Bloomberg’s daily roundup of news from around the region, click here.