Cardiovascular biotech Kardigan raises $400M in IPO, fourth 2026 $400M+ offering

Kardigan, a cardiovascular drug startup, priced a $400 million initial public offering on Wednesday, adding to a recent surge in large biotech offerings.

The company becomes the fourth biotech in 2026 to raise at least $400 million, a level not seen since 2021, and lifts the median proceeds for the class to about $302 million, well above the prior five‑year average.

Founded by former MyoKardia executives, Kardigan is developing three cardiovascular medicines, including a former Bristol Myers drug now in late‑stage trials for dilated cardiomyopathy, and is the 13th venture‑backed biotech to go public this year.