Latigo targets $272M+ IPO to fund rival Nav1.8 pain drug to Vertex’s Journavx

Latigo Biotherapeutics, a California-based, clinical-stage biotech developing non-opioid pain drugs that block the Nav1.8 sodium channel, has set terms for a U.S. initial public offering (IPO) projected to raise up to around $272–$288 million. The company is offering 16 million shares at a price range of $16 to $18 per share, implying a fully diluted market value of about $1.2 billion at the midpoint of the price range. The shares will trade on the Nasdaq Global Select Market under the ticker LTGO, with Goldman Sachs, Jefferies, Leerink Partners, and Guggenheim Securities acting as joint bookrunners. The IPO proceeds are earmarked to fund late‑stage development of LTG‑001, an oral Nav1.8 inhibitor currently in Phase 3 trials for moderate‑to‑severe acute postoperative pain (including bunionectomy); support a Phase 2 trial for LTG‑321, a next‑generation Nav1.8 inhibitor for chronic musculoskeletal pain such as osteoarthritis; and advance LTG‑418 and other pipeline candidates. LTG‑001 has already demonstrated strong analgesic efficacy in a Phase 2 abdominoplasty trial, surpassing an opioid comparator (Vicodin) in the SPID48 endpoint and showing significant opioid‑sparing effects, positioning it as a potential rival to Vertex’s FDA‑approved Nav1.8 inhibitor Journavx (suzetrigine). Vertex’s earlier approval of Journavx has validated the Nav1.8 pathway and regulatory route, reducing scientific risk for Latigo and setting the stage for a competitive head‑to‑head comparison in the non‑opioid acute pain market.