ADARx upsizes Nasdaq IPO to $446M as City Therapeutics eyes public listing
ADARx Pharmaceuticals, a San Diego-based RNA biotech, completed a Nasdaq initial public offering this morning, selling 26.3 million shares at $17 each.
The offering generated gross proceeds of about $446.3 million, exceeding the company’s earlier target of $350 million. Underwriters have an option to purchase an additional 3.9 million shares, which could add roughly $66.9 million to the total.
The company also expected a private-placement investment from partner AbbVie of around $100 million, though this was not highlighted in the latest release.
ADARx said the capital will fund its lead siRNA candidate agazisiran, which targets complement factor B and is in phase-2 trials for several complement-mediated kidney diseases and the rare blood disorder paroxysmal nocturnal hemoglobinuria.
This writeup was produced by pharmadog from original reporting by Fierce Biotech.
Original headline: “ADARx scores upsized $446M IPO, while fellow RNA biotech City maps out Nasdaq plans”
read at Fierce Biotech ↗
comments(0)
5-min edit window · permanent after that