Kardigan raises $400M in upsized US IPO, pricing at top of range

Kardigan, a San Francisco-based cardiovascular biotech, pulled in $400 million in its initial public offering on June 17, 2026. The company priced shares at $16, the top of its $14 to $16 range, and upsized the deal beyond its original target of $320 million to $369 million.

Shares began trading on the Nasdaq under the ticker KARD.

Inside the deal

The $400 million haul adds to an already substantial war chest. Kardigan’s previous private funding rounds totaled nearly $570 million as of March 31, including a $300 million Series A and a $254 million Series B conducted in late 2025. Combined with the IPO proceeds, the company has now raised close to $1 billion in total capital.

Kardigan plans to deploy the capital across a pipeline of three clinical-stage assets focused on cardiomyopathies and heart failure, all licensed from major pharmaceutical partners including Sanofi, Ionis, and Bristol Myers Squibb.

CEO Tassos Gianakakos leads the operation, backed by heavyweight life sciences investors such as Perceptive Advisors and Sequoia Heritage. The founding team includes former executives from MyoKardia, the cardiovascular biotech that Bristol Myers Squibb acquired for $13.1 billion back in 2020.

Why this matters beyond Kardigan

The biotech IPO market in 2026 has shown signs of revival, with several biotech transactions this year exceeding $300 million in capital raised.

What investors should watch

Kardigan’s near-term story will be driven by clinical data from its three licensed therapy programs focused on cardiomyopathies and heart failure.

Licensing drugs from Sanofi, Ionis, and Bristol Myers Squibb gives Kardigan access to validated molecules with existing clinical data, but the company’s economics are partially dependent on royalty and milestone obligations to its licensors.

With nearly $570 million raised privately before a $400 million IPO, early investors like Perceptive Advisors and Sequoia Heritage hold substantial positions.

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