ADARx Pharmaceuticals Targets $1.74 Billion Valuation with Upcoming US IPO
ADARx Pharmaceuticals, a San Diego-based developer of RNA-based drugs for rare diseases, is planning an initial public offering (IPO) in the U.S., targeting a valuation of up to $1.74 billion. The company aims to raise up to $371.9 million by issuing 21.9 million shares priced between $15 and $17. AbbVie has agreed to invest up to $100 million in a concurrent private placement, securing roughly a 4.9% stake post-IPO. ADARx's pipeline includes three clinical-stage programs and two advanced preclinical candidates, with its most advanced drug candidate onvuzosiran currently undergoing late-stage testing for hereditary angioedema. The IPO follows recent biotech market activity despite broader economic headwinds like rising Treasury yields and interest rates. The offering is being underwritten by JPMorgan, Morgan Stanley, TD Cowen, among others, with the company set to list on Nasdaq as ADRX.
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Topics: biotech investment IPO pharmaceuticals