Arcellx raises $124M in Wall Street debut to bankroll study of multiple myeloma CAR-T

Cell therapy biotech Arcellx might prove biotech initial public offerings aren't dead despite the ongoing bear market for drug developers and a dearth of recent Wall Street debuts.

The one-trial biotech will begin trading on the Nasdaq Friday at $15 per share, the low end of its proposed $15 to $17 range as filed on Jan. 31. That should give the Novo- and Takeda-backed biotech proceeds of about $124 million.