Kardigan's $400m IPO is the real signal about where biotech capital is flowing

Kardigan priced its IPO at $400 million, above the original $373 million target, becoming the fourth biotech in 2026 to raise at least that amount and pushing the median 2026 biotech IPO size to nearly $302 million, well above any of the previous five years. The company was founded by ex-MyoKardia executives whose last venture was acquired by Bristol Myers Squibb for $13 billion, and its three lead assets are in-licensed from BMS, Sanofi, and Ionis, covering genetic dilated cardiomyopathy, calcific aortic valve stenosis, and acute severe hypertension. The structural point for investors is not that biotech is hot again broadly, but that the window is specifically open for late-stage, specialist teams with proven exits and cardiovascular focus, an area that historically underperformed oncology for capital allocation. Oncology fatigue and the shift toward large-burden indications is a real theme. UK life science investors benchmarking against AIM biotech valuations should take the Leiden data on cardiovascular unmet need seriously.