July 30 (Reuters) – Braveheart Bio is targeting a valuation of up to $1.2 billion in its U.S. initial public offering, the clinical-stage biopharmaceutical company said on Thursday.
The San Francisco, California-based company aims to raise $318.8 million in the IPO by offering 18.8 million shares priced between $15 and $17 each.
Biotech IPOs have staged a comeback in 2026, with analysts saying concerns over stretched tech and AI valuations are driving capital into lagging sectors such as healthcare.
Braveheart Bio develops novel therapeutics for hypertrophic cardiomyopathy (HCM) and related cardiovascular diseases.
HCM is a condition where heart muscle becomes abnormally thickened, causing inefficient pumping and filling of blood that can lead to symptoms such as shortness of breath, chest pain, fatigue and fainting.
The company’s lead product, BHB‑1893, is an oral cardiac myosin inhibitor designed to treat obstructive and non-obstructive hypertrophic cardiomyopathy.
Cornerstone investor Fidelity Management & Research has shown interest in purchasing up to $75 million in shares at the IPO price.
Since its inception in 2024, Braveheart has raised about $185 million in Series A financing from investors, including Andreessen Horowitz, Forbion and OrbiMed.
The company intends to use the proceeds to advance the development of BHB-1893, for research and development as well as general corporate purposes.
Goldman Sachs, Jefferies, TD Cowen, Stifel and Cantor are the joint bookrunners for the offering.
Braveheart Bio intends to list its shares on the Nasdaq Global Market under the symbol “BRVE”.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Vijay Kishore, Shinjini Ganguli and Joyjeet Das)
