LB Pharmaceuticals Upsizes IPO to $285M, Marks First Major Biotech Listing in Months
LB Pharmaceuticals raised $285 million in its upsized initial public offering by selling 19 million shares at $15 each, including a 30-day option for an additional 2.85 million shares123.
The IPO valued the New York-based biotech at approximately $301.5 million and trading began on September 11, 2025 under the ticker symbol 'LBRX' on the Nasdaq123.
This IPO is notable as the first sizable biotech listing since February 2025, breaking a seven-month dry spell in U.S. biotech IPOs234.
Leerink Partners, Piper Sandler, and Stifel acted as joint bookrunners for the offering, signifying strong institutional support12.
LB Pharmaceuticals' lead drug candidate, LB-102, targets acute schizophrenia and is set to begin a six-week late-stage (Phase III) trial in early 202624.
Prior to the IPO, the company had only $14.2 million in cash as of June 30, which was insufficient for operational and capital requirements23.
The IPO comes at a time when the broader biotech sector is recovering, with investors growing more selective and the Nasdaq Biotechnology Index rebounding from 2024 lows4.
Sources:
1. https://www.stocktitan.net/news/LBRX/lb-pharmaceuticals-announces-pricing-of-its-upsized-initial-public-meau9caa7xvq.html
2. https://talkwinchester.com/lb-pharmaceuticals-raises-285-million-in-us-ipo/
3. https://www.biospace.com/business/neuroscience-biotech-lb-files-for-228m-ipo-to-support-phase-iii-plans