Parabilis Medicines, a clinical-stage biotech developing engineered peptide therapies for cancer, announced terms for its IPO on Wednesday.
The Cambridge, MA-based company plans to raise $450 million by offering 25 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Parabilis Medicines would command a market value of $2.6 billion.
Parabilis Medicines is a clinical-stage biotech developing medicines that target proteins previously considered undruggable. Formerly known as FOG Pharmaceuticals, the company's proprietary Helicon platform produces stabilized helical peptides designed to modulate intracellular protein interactions that are inaccessible to traditional small molecules or biologics. Its lead candidate, zolucatetide, targets the Wnt/β-catenin pathway, which drives a broad range of solid tumors; more than 150 patients have been dosed with zolucatetide to date. In clinical trials for its lead indication, desmoid tumors, 38 patients have been enrolled and treated with zolucatetide; of the 25 patients with sufficient follow up to be response-evaluable, all 25 (100%) demonstrated tumor reductions, while 14 of the 19 (74%) with two post-baseline scans had an objective response per RECIST 1.1. The company plans to initiate a Phase 3 registrational trial in desmoid tumors in the first half of 2027. It is also evaluating zolucatetide's potential as a treatment for orphan disease Familial Adenomatous Polyposis (FAP).
Backed by Fidelity and RA Capital, Parabilis has raised nearly $1 billion privately, most recently raising over $300 million in a Series F funding round in January.
Parabilis Medicines was founded in 2015. It plans to list on the Nasdaq under the symbol PBLS. Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital are the joint bookrunners on the deal. It is expected to price during the week of June 8, 2026.
