ADARx Pharmaceuticals Raises $446.3 Million in Upsized US IPO

ADARx Pharmaceuticals raised $446.3 million in an upsized US initial public offering, pricing 26.3 million shares at $17 each, the top end of its marketed range. The San Diego-based biotech had initially planned to sell 21.9 million shares, with the strong demand highlighting continued investor interest in biotech listings.

Biotech has remained an active segment of the US IPO market this year, with several drug developers moving ahead with listings. City Therapeutics and Iambic Therapeutics filed for IPOs this week, while Retension Pharmaceuticals and TRex Bio filed last week. Electra Therapeutics also raised $350 million in an upsized IPO before making its market debut last Friday, although its shares have since fallen about 21%.

Founded in 2019, ADARx develops experimental medicines targeting immune, kidney, cardiovascular and neurological diseases. Its leading candidate, onvuzosiran, is undergoing late-stage testing for hereditary angioedema, a rare genetic disorder that causes sudden swelling attacks. AbbVie has also agreed to invest up to $100 million through a concurrent private placement, giving it an estimated 4.9% stake after the IPO. ADARx is set to begin trading on Nasdaq on Friday under the ticker ADRX.

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