Kardigan priced an upsized initial public offering to raise $400 million gross to fund three mid-stage cardiovascular drug candidates targeting root causes of heart disease. The company priced 25 million shares at $16 per share—at the top end of its proposed range—after expanding the offering. Kardigan’s three programs are expected to report key data in 2027, potentially enabling a path to Phase 3 testing. The IPO adds to a broader pattern of large biopharma funding events in 2026, with investors continuing to show appetite for clinical-stage cardiovascular differentiation. The company’s ability to upsize signals demand for near-term catalysts, even in therapeutic areas where late-stage execution and trial design complexity can be high. For the sector, Kardigan’s financing supports additional trial capacity and may intensify competition in cardiology programs that aim to move beyond symptom management toward mechanism-driven therapy.