ADARx Pharmaceuticals, a phase 3 biotech developing siRNA therapies for various diseases, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $350 million by offering 21.9 million shares at a price range of $15 to $17. AbbVie has agreed to purchase a number of shares in a concurrent private placement that would result in a 4.9% stake, implying an $80 million investment at the midpoint; it will not invest more than $100 million. At the midpoint of the proposed range, ADARx Pharmaceuticals would command a fully diluted market value of $1.8 billion.
ADARx Pharmaceuticals is focused on developing next-generation small interfering RNA (siRNA) therapeutics designed to treat a broad spectrum of diseases. The company's pipeline includes three clinical-stage programs and two advanced preclinical programs. Its three clinical-stage candidates each target hepatic tissues and are being evaluated for the treatment of complement-mediated diseases, hereditary angioedema, and thrombotic diseases. Its other two programs are in or advancing to the IND-enabling stage to target obesity and neurodegenerative diseases, including Alzheimer's.
ADARx Pharmaceuticals was founded in 2019 and booked $6 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol ADRX. J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank, and LifeSci Capital are the joint bookrunners on the deal. It is expected to price during the week of Monday September 21, 2026.
