United States · Business news · IPO & Capital Markets · 05 Oct 2026
US Health Care
After a week with nothing on the US IPO calendar, two drug developers set terms on Monday. TRex Bio, a South San Francisco company in Phase 1 with medicines for autoimmune and inflammatory diseases, is offering 8,333,334 shares at $14 to $16 to raise $125 million, at a market value of about $453 million; JP Morgan and Evercore ISI lead the deal. Retension Pharmaceuticals of Falls Church, Virginia, in Phase 2b with a hypertension drug licensed from another company, is offering 3.3 million shares at $11 to $13 to raise $40 million.
These are the first US deals to launch in the fourth quarter, and both are small, clinical-stage companies with no product revenue: the money funds trials. TRex Bio's lead programme has topline data due in mid-2027 and Retension's first data in the first half of 2027, so buyers are financing results that are at least eight months away. For the wider IPO market the size is the point: $165 million between them, while larger issuers wait. Renaissance Capital notes that Anthropic's marketing is reported for as soon as the week of November 9.
Reported by IPOScoop — “The IPO Buzz: TRex Bio (TRXB Proposed) Sets Terms for $125 Million IPO” ↗ on 05 Oct 2026.
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