Biotech IPO Success
ADARx Pharmaceuticals Raises $446 Million in Upsized IPO with AbbVie Backing
Anonymous
ADARx Pharmaceuticals raised about $446 million in an upsized IPO, selling roughly 26.3 million shares at $17 each, the top of its proposed price range, and began trading on Nasdaq under the ticker ADRX. AbbVie also agreed to invest in a concurrent private placement, bringing its stake in the San Diego biotech to about 4.9%; the companies previously announced a collaboration on siRNA therapies. ADARx is developing small interfering RNA medicines, with clinical-stage programs aimed at liver targets and diseases including hereditary angioedema, complement-mediated conditions and thrombotic disorders, alongside earlier programs for obesity and neurodegenerative diseases. Its most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema; the company says early results showed substantial reductions in a protein associated with swelling attacks, with initial Phase 3 data expected by the end of 2027.
Key Points
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ADARx received about $89 million from AbbVie’s concurrent private stock sale, in addition to the public IPO proceeds.
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ADARx said RNA interference medicines have been constrained by delivery and potency challenges; the article notes that all RNAi medicines then on the market targeted the liver.
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ADARx said onvuzosiran could be more potent than an existing RNA-based hereditary-angioedema treatment and potentially be dosed as infrequently as twice a year.
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The May 2025 AbbVie collaboration included a $335 million upfront payment to ADARx, with eligibility for up to $7.45 billion in additional contingent milestone payments plus tiered royalties.
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