Parabilis raises record $670 million in biotech IPO, the largest for a venture-backed company

Parabilis Medicines, a biotech focused on "undruggable" targets, completed an initial public offering that raised $670 million, the biggest amount ever for a venture-backed biotech.

The company sold 33.5 million shares at $20 each and also secured an additional $75 million through a discounted private placement with research partner Regeneron Pharmaceuticals.

The offering adds to a wave of large biotech IPOs in 2026; a dozen drug startups have collectively raised more than $4.1 billion this year, with a median raise of about $300 million, more than double the median of the prior year.