Hemab IPO: shares of the biotech, created by Novo Nordisk employees, have started trading

Preliminary trading in shares of Hemab Therapeutics, a developer of blood clotting therapies created by Novo Nordisk, has begun in the Freedom trading system for clients. Later on Ma. 1, the company's securities will appear on the Nasdaq exchange under the ticker COAG.

Hemab Therapeutics, a developer of drugs for blood clotting disorders, raised $301.5 million in an IPO on the Nasdaq exchange. It placed shares at $18 - the upper limit of the previously announced price range. And the volume of the offer was increased twice - from the initial 11 million shares to the final 16.75 million, Based on the listing parameters, the value of the entire company can be estimated at $764 million, estimated Bloomberg.

The Hemab IPO was organized by Goldman Sachs, Jefferies and Evercore ISI. The underwriters were given a 30-day option to purchase up to 1.76 million additional shares at the initial public offering price less underwriter discounts and commissions, the company said in its prospectus for the IPO, which it filed with the U.S. Securities and Exchange Commission (SEC).

The company plans to use most of the proceeds from the deal to continue clinical trials of its core developments, with the remainder for new programs and working capital, the document said.

Hemab was a Danish company until March 2026. It was founded in 2019 by Johan Faber and Søren Bjørn, who previously held senior positions in research and development of hemophilia drugs at Novo Nordisk. The startup received an exclusive intellectual property license from the Danish pharma giant to develop a drug against rare clotting disorders. The investment was then announced by Novo Seeds, the venture capital arm of Novo Holdings, a major shareholder in Novo Nordisk. Exactly how much the Danish holding company invested, the parties did not disclose. In the IPO prospectus, Hemab says that since its founding it has raised about $346 million from all investors, including Novo Holdings, RA Capital Management and Sofinnova.

In 2026, specifically for the initial public offering, Hemab created a Delaware-registered company, Hemab Therapeutics, and itself became a subsidiary.

The U.S. small-cap's goal is to create an industry-leading line of drugs to treat blood clotting disorders, the prospectus says. It now has two major developments in its portfolio. One is called sutacimig, and the company is testing it in patients with two different clotting disorders - Glanzmann's thrombasthenia gravis and factor VII deficiency. The second development, HMB-002, will potentially serve to prevent the most common clotting disorder, von Willebrand disease. The company plans to bring them to market by 2030, according to a document for the SEC.

Unless Hemab's operations generate revenue, the company won't get it until it brings at least one of its drugs to market, the prospectus says. It spends all the money it raises - its research and development expenses jumped nearly 44% to $59.6 million in 2025.

Hemab has begun preparing for an IPO after receiving positive results from clinical trials for its drug, IPO expert Donovan Jones writes in a blog post on Seeking Alpha. The company said in December that its drug sutacimig showed "the potential to dramatically change the treatment of people with Glanzmann's thrombasthenia gravis" in a second, mid-stage clinical trial. That puts it on track to move into the third and final phase this year.

Hemab is just getting ready for its third phase of clinical trials, which means there is a possibility of drug disapproval, says Freedom Finance analyst Alem Bektemirov. The company's other developments are at earlier stages.

Freedom Finance uses a "survival probability" indicator to value Hemab, according to which the risk of failure of the company's developments is 45%. With each subsequent phase of clinical trials, this risk will decrease, and the company's value will increase, says Bektemirov. Taking all risks into account, Freedom Finance valued Hemab Therapeutics at $915 million, setting its target at $23.3 per share. This implies a potential upside of almost 30% relative to the offering price.

Hemab is one of two biotech companies that went public on Ma. 1. It, like Seaport, is looking to capitalize on growing investor interest in new listings, Reuters writes.

The initial public offering of their shares, was the next landmark event for biotech IPOs this year, notes the Pharmaceutical Technology portal. It cites obesity drug developer Kailera Therapeutics' $625 million IPO on April 17 as the largest in the industry since 2021, Bloomberg calculated. According to the agency, healthcare listings on U.S. exchanges have raised $3.6 billion since the start of 2026 - last year the amount at this time was $1.4 billion.

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Freedom clients will be able to get access to Hemab Therapeutics shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the U.S. exchanges open (15:30-16:30 Astana time). To participate, click on ticker COAG.