Feb 6 (Reuters) - Agomab Therapeutics secured a valuation of $716.4 million, after its shares fell about 8% in their debut on Friday, as investors remain selective about new offerings.
The Belgium-based company's stock opened at $14.70, below its offer price of $16 apiece.
The clinical-stage biopharmaceutical company raised $200 million in its U.S. initial public offering on Thursday after it sold 12.5 million American Depositary Shares within its marketed range of $15 to $17 apiece.
Agomab's debut
comes at a time when biopharmaceutical companies are beginning to return to public markets after subdued activity in 2025.
However, a sharp sell-off in U.S. software and data-services stocks this week, driven by fears that rapidly advancing AI could upend existing business models, has made investors selective about new offerings.
Eikon Therapeutics and Forgent Power opened lower than their offering price on debut on Thursday, while Liftoff Mobile postponed its planned U.S. listing amid a sell-off in software stocks.
Agomab is focused on developing treatments for immune and inflammatory diseases, starting with chronic fibrotic conditions.
Its pipeline includes ontunisertib (AGMB‑129), an oral, gut-restricted ALK5 inhibitor for fibrostenosing Crohn's disease, a severe form of Crohn's characterized by inflammation-driven structures that often lead to surgery.
J.P. Morgan, Morgan Stanley, Leerink Partners and Van Lanschot Kempen were underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber)
