ADARx Pharmaceuticals targets $1.74 billion valuation in US IPO

Investing.com -- ADARx Pharmaceuticals aims to achieve a valuation of up to $1.74 billion through its U.S. initial public offering, the company said on Monday.

The San Diego, California-based biotech firm plans to raise up to $371.9 million by offering 21.9 million shares at a price range of $15 to $17 per share.

AbbVie has agreed to purchase shares through a concurrent private placement, which would give it approximately a 4.9% stake in ADARx following the IPO, the company said.

The offering will be underwritten by JP Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital.

ADARx plans to list its shares on the Nasdaq exchange under the ticker symbol "ADRX".

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