ADARx Pharmaceuticals raises $446.3 million in upsized US IPO

Sept 25 (Reuters) - ADARx ‌Pharmaceuticals said on ​Thursday ​it had raised $446.3 million in an upsized US initial public offering, reflecting growing investor appetite ‌for biotech listings.

The San Diego-based drug developer sold ⁠26.3 million shares at $17 apiece, the top end of its marketed ‌range, up from its ‌earlier plan to sell 21.9 million shares.

Biotech has emerged as a bright spot in this year's IPO market, ​with a steady flow of listings continuing into the fall as investors favor the sector's relative insulation ⁠from the Iran war and AI-driven disruption.

Drug developers City Therapeutics and Iambic ​Therapeutics filed for US IPOs this week, while Retension Pharmaceuticals and TRex Bio filed for ​listings last week.

Electra Therapeutics also raised $350 ‌million in an upsized US IPO before making its market debut last Friday. Its ⁠shares have fallen about 21% since.

Founded in 2019, ADARx's experimental drugs target diseases related to immunity, kidney, cardiovascular and neurological ⁠systems.

The company's most advanced candidate, onvuzosiran, is in late-stage testing for ​hereditary angioedema, a rare genetic disorder that causes sudden swelling attacks.

Drugmaker AbbVie has agreed to invest up to $100 million in a ‌concurrent private placement, which would give it a roughly 4.9% stake post-IPO, ADARx said.

J.P. Morgan, ‌Morgan Stanley, TD Cowen, among others, are the underwriters ⁠for ADARx's offering. The ‌stock will start ​trading on Nasdaq on Friday under the symbol "ADRX."

(Reporting by Pragyan Kalita in Bengaluru; Editing by Shreya ‌Biswas)

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