ADARx Pharmaceuticals completes upsized $446.3 million IPO

ADARx Pharmaceuticals, a clinical-stage biotechnology company specializing in next-generation siRNA therapeutics, has completed an upsized initial public offering on the Nasdaq under the ticker ADRX. The company priced 26,250,000 shares of common stock at $17 per share, generating gross proceeds of approximately $446.3 million.

Alongside the IPO, ADARx announced a concurrent private placement with AbbVie. This placement, which could reach up to $100 million, will result in AbbVie owning approximately 4.9% of ADARx’s outstanding common stock. The total aggregate gross proceeds from both the IPO and the private placement are expected to be approximately $535.2 million, excluding underwriting discounts and other expenses.

HBM Healthcare Investments, an existing investor in ADARx, increased its stake during the offering by investing an additional $15.3 million following its initial $4 million investment in August 2023.