Arcellx (ACLX) IPO Drifts Lower After Much Higher Open

Today's IPO for Arcellx, Inc. (NASDAQ: ACLX) opened for trading at $19 after pricing 8,250,000 shares of common stock at a public offering price of $15.00 per share. Shares have since drifted lower to $16 (+6.7%).

BofA Securities, SVB Leerink, Barclays and William Blair are acting as joint book-running managers for the offering.

Arcellx, Inc. is a clinical-stage biotechnology company reimagining cell therapy by engineering innovative immunotherapies for patients with cancer and other incurable diseases. Arcellx believes that cell therapies are one of the forward pillars of medicine and Arcellx’s mission is to advance humanity by developing cell therapies that are safer, more effective, and more broadly accessible. Arcellx’s lead product candidate, CART-ddBCMA, is being developed for the treatment of relapsed or refractory multiple myeloma (r/r MM) in an ongoing Phase 1 study. CART-ddBCMA has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations by the U.S. Food and Drug Administration.

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