Covington Represents Underwriters in $367M Upsized IPO

NEW YORK—Covington represented the underwriters in Kyverna Therapeutics, Inc.’s upsized initial public offering of 16,675,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase 2,175,000 additional shares, at an initial public offering price of $22.00 per share. The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Kyverna, were approximately $366.9 million.

Kyverna’s common stock began trading on the Nasdaq Global Select Market on February 8, 2024 under the ticker symbol “KYTX.”

Kyverna is a patient-centered, clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases.