ADARx Pharmaceuticals prices $446.3M IPO at $17 per share

ADARx Pharmaceuticals, Inc. priced its initial public offering of 26,250,000 shares of common stock at $17.00 per share, according to a company statement. The San Diego-based biotechnology company expects gross proceeds of approximately $446.3 million before deducting underwriting discounts, commissions, and other expenses.

The shares are expected to begin trading on the Nasdaq Global Select Market on Sept. 25, 2026, under the ticker symbol NASDAQ: ADRX. The offering is expected to close on Sept. 28, 2026, subject to customary closing conditions. Underwriters have a 30-day option to purchase up to an additional 3,937,500 shares at the public offering price.

Concurrent with the IPO, AbbVie has agreed to purchase shares of ADARx common stock in a private placement at $17.00 per share, resulting in AbbVie owning approximately 4.9% of ADARx's outstanding shares following both closings. AbbVie's purchase is capped at $100.0 million. Combined gross proceeds from the IPO and the concurrent private placement are expected to total approximately $535.2 million, excluding any exercise of the underwriters' option.

J.P. Morgan, Morgan Stanley, TD Cowen, and UBS Investment Bank are acting as lead book-running managers for the offering. LifeSci Capital is acting as a book-running manager.

ADARx describes itself as a late-stage clinical biotechnology company focused on developing siRNA therapeutics targeting complement-mediated, genetic, cardiovascular, thrombosis, central nervous system, and metabolic diseases. The company also holds a collaboration and license option agreement with AbbVie covering siRNA therapeutics in neuroscience, immunology, and oncology.

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