ADARx Pharmaceuticals targets up to $1.74 billion valuation in Nasdaq IPO
- ADARx Pharmaceuticals plans to raise up to approximately $371.9 million through a U.S. IPO.
- The RNA-based drug developer is targeting a valuation of up to $1.74 billion.
- AbbVie agreed to invest up to $100 million in a concurrent private placement, taking an expected 4.9% post-IPO stake.
ADARx Pharmaceuticals announced plans to pursue a U.S. initial public offering that could value the rare disease-focused biotechnology company at up to approximately $1.74 billion.
The San Diego-based company, founded in 2019, develops RNA-based medicines targeting diseases involving immune, kidney, cardiovascular and neurological systems.
ADARx plans to offer approximately 21.9 million shares priced between $15 and $17 per share, seeking to raise up to approximately $371.9 million.
The company said AbbVie (NASDAQ:ABBV) has agreed to invest up to $100 million through a concurrent private placement.
Following the IPO, AbbVie is expected to hold approximately 4.9% of ADARx shares.
AbbVie previously entered a research collaboration with ADARx in May 2025 involving a $335 million payment.
ADARx’s pipeline includes three programs in clinical testing and two additional programs in advanced preclinical development.
The company’s most advanced candidate, onvuzosiran, is being evaluated in late-stage clinical trials for hereditary angioedema, a rare genetic disorder associated with sudden episodes of swelling.
The IPO comes amid renewed activity in the biotechnology market, with several drug developers pursuing public listings despite higher interest rates and elevated Treasury yields.
Market observers noted that recent biotech IPO activity has been selective, with investor interest focused on companies with later-stage clinical assets, upcoming catalysts and opportunities in areas such as oncology and obesity.
JPMorgan, Morgan Stanley and TD Cowen are among the underwriters for the offering. ADARx plans to list on Nasdaq under the ticker symbol ADRX.
