Silverback hits Wall Street with chest-thumping $242M IPO

Seattle-based Silverback Therapeutics more than doubled its original IPO hopes with a $242 million debut on the Nasdaq Stock Market. Originally shooting for a $100 million IPO, Silverback follows a recent trend of biotech companies exceeding their target share price, showing the market strength of life science companies. Silverback will use the investment to fund early-phase trials for its lead antibody-drug conjugate and preclinical work for its other programs.