On November 10, 2023, CARGO Therapeutics, a clinical-stage biotech specializing in cancer treatments, made its debut on the Nasdaq Global Select Market under the ticker "CRGX" after successfully raising approximately $281 million through its initial public offering (IPO). The company priced its IPO at $15 per share, issuing 18.75 million shares. Wilson Sonsini Goodrich & Rosati advised CARGO on patent and technology transactions matters leading up to and with respect to the IPO.

San Mateo, California-based CARGO is developing potentially curative "CAR T-cell therapies" for cancer patients, according to its registration statement. CAR refers to a protein that has been engineered to modify T cells so they can recognize and destroy cancer cells.

CARGO plans to use the IPO proceeds to fund the company's lead program, CRG-022, which is a novel CAR T-cell product that targets an antigen common in lymphoma patients. Additional funds will pay for research and development of new product candidates.

JP Morgan, Jefferies, TD Cowen, and Truist Securities were the underwriters on the deal. They have a 30-day option to purchase up to 2.8 million additional shares.

The offering is expected to close on November 14, 2023, subject to the satisfaction of customary closing conditions.

The Wilson Sonsini team that advised CARGO on patent and technology transactions matters includes:

Patents and Innovations
Lou Lieto
Chris McAndrew
Sherrie Holdman
Shuobo Boboila
David Stanton
Julia Kennedy-Darling

Technology Transactions
Norman Hovijitra
Miruna Predescu

For more information, please see CARGO’s news release.