Parabilis Medicines raises $670 million in record-setting biotech IPO on Nasdaq

Parabilis Medicines, a Cambridge, Massachusetts drug developer, completed its initial public offering on Nasdaq, raising $670 million.

The offering is described as the largest biotech IPO in industry history, surpassing previous records for companies in the sector.

CEO Mathai Mammen highlighted the significance of the capital raise for advancing the firm’s pipeline and said the milestone reflects strong investor interest in biotech.