Agomab Therapeutics IPO: Pfizer and Sanofi-backed biotech starts trading

Early trading in shares of Belgian biotech Agomab Therapeutics, which develops therapies for immunology and inflammatory diseases, is now available for Freedom clients. Later on Friday, February 6, the stock will debut in the main session on the Nasdaq under the ticker AGMB. 

Agomab raised $200 million in its IPO, placing 12.5 million American depositary shares at $16 per ADS, in the middle of the previously announced $15-17 per share range. Based on the offering results, the company’s valuation is estimated at about $875 million.

The deal was organized by JPMorgan, Morgan Stanley, Leerink Partners, and Van Lanschot Kempen.

Agomab said it will use the IPO proceeds to advance clinical development of its drug candidates.

Agomab Therapeutics, founded in 2017 and based in Antwerp, develops therapies for immunology and inflammatory diseases. Its lead drug candidate, AGMB-129 (ontunisertib), is being developed for fibrostenosing Crohn’s disease. The program completed phase IIa with positive safety and exploratory efficacy signals in November 2025, and the company expects full open-label extension data in the second half of 2026.

AGMB-447, the company’s second drug candidate, is intended to treat idiopathic pulmonary fibrosis, a rare progressive lung disease with a median survival of less than five years. Last month, Agomab reported positive interim phase I results.

For the nine months ended September 30, Agomab’s net loss rose about 30% year over year to EUR45.1 million, according to SEC filings. Cash and cash equivalents totaled EUR129.6 million as of the end of September.

To date, the company has raised nearly $348 million from investors including Pfizer and Sanofi, Bloomberg writes. EQT Life Sciences and Fidelity are among its largest shareholders.

“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,” Willkie Farr & Gallagher partner Edward Best told Reuters. "Based on recent ⁠deals, the Agomab pricing does not seem out of line, though ‍we will have to see whether the market agrees."

Agomab has the backing of two pharmaceutical majors, Pfizer and Sanofi, as strategic investors, which is rare in the industry and could support strong institutional demand for the IPO, Donovan Jones at Seeking Alpha said. He also pointed to encouraging early clinical data for the company’s lead drug candidates following preliminary studies.

“The market opportunity for fibrotic condition treatments is large and expected to grow at a moderate rate of growth, but the company faces significant competition from major market participants,” Jones added.

Among the key risks Jones highlights Agomab’s status as a “foreign private issuer” and an “emerging growth company,” which allows the management to disclose less information to investors.

Freedom Finance analyst Alem Bektemirov set a target price of $18 per ADS, implying about 13% upside versus the $16 per ADS offering price. He said the main risks include potential regulatory setbacks, weak clinical results, and intensifying competition in treatments for immune and inflammatory diseases, which could pressure the stock.

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Freedom clients will be able to trade Agomab Therapeutics shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the symbol AGMB on the Freedom platform.