ADARx Pharmaceuticals, a Phase 3 biotech developing siRNA therapies for various diseases, raised $446 million by offering 26.3 million shares at $17, the high end of the $15 to $17 range. It had originally planned to offer 21.9 million shares. AbbVie agreed to purchase shares in a concurrent private placement that would give it a 4.9% stake (now 5.2 million shares vs. 5.0 million previously).
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.
The San Diego, CA-based company will trade on the Nasdaq under the symbol ADRX. J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank, and LifeSci Capital acted as joint bookrunners on the deal.
