Home / Business and Economy / ADARx Eyes $1.74B Valuation in Biotech IPO Boom
ADARx Eyes $1.74B Valuation in Biotech IPO Boom
21 Sep
Summary
- ADARx Pharmaceuticals targets up to $1.74 billion valuation.
- The company seeks to raise up to $371.9 million in its IPO.
- AbbVie plans to invest up to $100 million concurrently.
ADARx Pharmaceuticals is pursuing a valuation of up to $1.74 billion with its planned U.S. initial public offering. The company, focused on developing RNA-based drugs, aims to generate up to $371.9 million through the sale of 21.9 million shares.
This offering occurs amidst a robust biotech sector, with other drug developers like Retension Pharmaceuticals and TRex Bio also filing for listings recently. Electra Therapeutics successfully debuted after raising $350 million.
ADARx's experimental treatments target rare immune, kidney, cardiovascular, and neurological diseases. Its most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema.
In a significant development, pharmaceutical giant AbbVie has committed to investing up to $100 million in a concurrent private placement, which will result in AbbVie holding approximately a 4.9% stake in ADARx post-IPO.
The San Diego-based company intends to utilize a portion of the IPO proceeds to advance its late-stage clinical trials and further research initiatives. ADARx plans to list its shares on the Nasdaq under the ticker symbol "ADRX".
