The IPO Buzz: ADARx Pharmaceuticals (ADRX Proposed) Sets Terms for $350 Million IPO
ADARx Pharmaceuticals (ADRX Proposed) disclosed the terms for its $350 million IPO early today: 21.88 million shares at a price range of $15.00 to $17.00 to raise $350 million, if priced at the $16.00 mid-point of its range. San Diego-based ADARx Pharmaceuticals is a Phase 2 biotech developing siRNA drug therapies to treat complement-mediated diseases, including renal diseases and PNH, and to prevent secondary stroke. Its other drug development programs include programs targeting obesity and Alzheimer’s disease.
According to the prospectus: siRNA, or small interfering RNA, therapeutics represent a significant advancement in precision medicine by addressing diseases at the genetic level (mRNA or RNA) while avoiding permanent alterations to a patient’s genome (DNA)
ADARx Pharmaceuticals entered into a collaboration and license option agreement with AbbVie in May 2025 to advance novel siRNA therapeutic treatments across multiple therapeutic areas, the prospectus said. The company received an upfront cash payment of $335 million. It’s eligible to receive additional payments of up to $385 million in option extension and option exercise payments – up to $7.45 billion in additional contingent milestone payments as well as tiered royalties, the prospectus said.
J.P.Morgan and Morgan Stanley are leading the joint book-running team, which includes TD Cowen, UBS and LifeSci Capital.
ADARx Pharmaceuticals would have a market cap of about $1.64 billion, if priced at the $16.00 mid-point of its range.
The company is not profitable: Net loss of $87.69 million on $6.13 million in collaboration revenue for the 12 months that ended on June 30, 2026, according to the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-adarx-pharmaceuticals-adrx-proposed-sets-terms-for-350-million-ipo/
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