Belgium’s Agomab Therapeutics seeks up to $828.5 million valuation in US IPO

By Prakhar Srivastava

Jan 29 (Reuters) – Agomab Therapeutics is targeting a valuation of up to $828.5 million in its initial public offering in the United States, the Belgium-based company said on Thursday.  

The company, which is developing a treatment for Crohn’s disease, aims to raise as much as $212.5 million by selling 12.5 million American Depositary Shares priced between $15 and $17 each. 

The IPO activity in the U.S. has picked up, with biopharmaceutical companies Eikon Therapeutics and Veradermics filing to go public earlier this month.

“The sector performed well in 2025, which sets it up for success in 2026. A number of sectors, including oncology, obesity and neuroscience, have all seen advances in science, which make them attractive investments,” Edward Best, partner at Willkie Farr & Gallagher, said.

“Based on recent deals, the Agomab pricing does not seem out of line, though we will have to see whether the market agrees.”

Stable market conditions and a backlog built up after the extended October government shutdown have also accelerated the pace of new offerings in the U.S.

Agomab is focused on developing treatments for immune and inflammatory diseases, starting with chronic fibrotic conditions.

Its pipeline includes ontunisertib (AGMB‑129), an oral, gut-restricted ALK5 inhibitor being developed for fibrostenosing Crohn’s disease, a severe form of Crohn’s characterized by inflammation-driven structures that often lead to surgery.

The company posted a net loss of 45.1 million euros (about $54 million) for the nine months ended September 30, 2025, compared with a loss of 34.5 million euros in the year-earlier period.

The company will list on Nasdaq under the ticker symbol “AGMB.”

J.P. Morgan, Morgan Stanley, Leerink Partners and Van Lanschot Kempen are underwriters for the offering.

($1 = 0.8356 euros)

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Savio D’Souza and Alan Barona)