ADARx Pharmaceuticals raises $446.3 million in upsized US IPO

Sept 25 — ADARx Pharmaceuticals said on Thursday it had raised $446.3 million ​in an upsized US initial public offering, reflecting growing investor appetite for biotech listings.

The San Diego-based drug ‌developer sold 26.3 million shares at $17 apiece, the top end of its ⁠marketed range, up from ​its earlier plan to sell ⁠21.9 million shares.

Biotech has emerged as a bright spot ‌in this year's ‌IPO market, with a steady flow of listings ⁠continuing into the fall as ⁠investors favor the sector's relative insulation from the Iran war and AI-driven disruption.

Drug developers City Therapeutics and Iambic Therapeutics filed for US IPOs this week, while Retension Pharmaceuticals and TRex Bio filed for listings last ‌week.

Electra Therapeutics also raised $350 million in ​an upsized US IPO before making its market debut last Friday. Its shares have fallen about 21% since.

Founded in 2019, ADARx's experimental drugs target diseases related to immunity, kidney, cardiovascular and neurological systems.

The company's most advanced candidate, onvuzosiran, is in late-stage testing for hereditary ​angioedema, a rare genetic disorder that causes sudden swelling ‌attacks.

Drugmaker AbbVie has ‌agreed ⁠to invest up to $100 million in a concurrent private placement, which would give it a roughly 4.9% stake post-IPO, ADARx said.

J.P. Morgan, Morgan Stanley, TD Cowen, among others, are ‌the underwriters for ADARx's ​offering. The stock will start ‌trading on Nasdaq ⁠on Friday ​under the symbol "ADRX."

(Reporting by Pragyan Kalita in Bengaluru; Editing by ​Shreya Biswas)

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