RNAi biotech ADARx raises $446 million in IPO, secures $89 million from AbbVie

ADARx Pharmaceuticals priced its initial public offering at $17 per share, selling more than 26 million shares to raise about $446.3 million.

The company also received an additional $89 million through a private stock sale to its development partner AbbVie, boosting its capital base.

ADARx will begin trading on Nasdaq under the ticker ADRX, becoming the first RNAi-focused biotech to price an IPO in the United States in over a decade and the only RNA-based drug maker to go public since 2024.

While RNA interference drugs have reached the market mainly for liver targets, ADARx’s filing notes delivery and potency challenges that limit broader potential, though its pipeline includes candidates aimed at liver and extra-hepatic targets.