ADARx raises $446 million in one of 2026's largest biotech IPOs as City Therapeutics plans its own listing

ADARx Pharmaceuticals completed an initial public offering that raised about $446.3 million, exceeding the company’s original target.

The shares were priced at $17 each, with 26.25 million shares sold and underwriters given the option to purchase additional shares within 30 days.

AbbVie is simultaneously conducting a private placement that will give it roughly 4.9% of ADARx’s outstanding shares, building on a prior licensing agreement that provided AbbVie with $335 million upfront for collaborative work in neuroscience, immunology and oncology.

The IPO ranks as the third‑largest biotech offering of 2026, following record‑breaking deals by Kailera Therapeutics and Parabilis Medicines, and the proceeds will be used to advance ADARx’s siRNA candidate agazisiran for complement factor B.

At the same time, City Therapeutics has filed plans to go public, adding to a total of 27 biotech IPOs launched so far this year.