CARGO Therapeutics, Inc. (CARGO), a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients, has announced the pricing of its initial public offering of 18,750,000 shares of its common stock at a public offering price of US$15.00 per share. All of the shares of common stock are being offered by CARGO. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by CARGO, are expected to be approximately US$281.3 million. In addition, CARGO has granted the underwriters a 30-day option to purchase up to 2,812,500 additional shares of common stock at the initial public offering price, less the underwriting discounts and commissions. CARGO’s common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2023 under the ticker symbol “CRGX.” The offering is expected to close on November 14, 2023, subject to the satisfaction of customary closing conditions.
Latham & Watkins advised CARGO in the offering with a corporate team led by Orange County partner Shayne Kennedy and Bay Area partners Benjamin Potter and Phillip Stoup, with associates Casey Tong, Ziyad Barghouthy, Chelsi DeTurk, and Suhansi Perera. Advice was also provided on tax matters by Bay Area partner Katharine Moir, with associate Sam Yang; on benefits matters by Bay Area partner James Metz, with associate Charity Wyatt; on regulatory matters by Washington, D.C. partner Elizabeth Richards, Bay Area partner Betty Pang and Washington, D.C. counsel Chad Jennings; on intellectual property matters by Bay Area partner Jekkie Kim, with associates Arun Mohan and Mizuna Sekine; and on data privacy matters by Bay Area partner Heather Deixler, with associate Mitch Bennett.*
*Admitted to practice in New South Wales (Australia) only