ADARx Pharmaceuticals, a developer of gene therapies, successfully raised $446.3 million in its upsized U.S. initial public offering. The company sold 26.25 million shares for $17 each, exceeding its initial plan to offer 21.875 million shares within a price range of $15 to $17. This strong performance indicates significant investor interest in the biotech sector.
The San Diego-based firm, which counts OrbiMed Advisors as a key backer, achieved a fully diluted valuation of approximately $2.2 billion at the offering price. This figure surpasses the $1.74 billion valuation it was initially targeting. The IPO is expected to price on Friday, September 24, 2026, with the shares set to begin trading on the Nasdaq Global Select Market under the ticker symbol "ADRX."
In addition to the public offering, pharmaceutical giant AbbVie has committed to purchasing an approximately 4.9% stake in ADARx through a concurrent private placement. This investment is valued at between $80 million and $100 million, further demonstrating confidence in ADARx's potential. J.P. Morgan, Morgan Stanley, TD Cowen, and UBS Investment Bank are leading the IPO as joint bookrunners.
ADARx specializes in developing siRNA (small interfering RNA) therapies for a range of diseases. Its pipeline includes three clinical-stage programs targeting conditions such as hereditary angioedema and complement-mediated diseases, as well as two advanced preclinical programs for obesity and neurodegenerative diseases. The company reported $6 million in revenue for the 12 months ending June 30, 2026. The success of this IPO reflects a strengthening investor appetite for biotech listings, despite recent market complexities related to rising Treasury yields and interest rates that have made IPO valuations more challenging to establish.
