ADARx Pharmaceuticals shares soar in Nasdaq debut after upsized IPO
ADRX•ADARx Pharmaceuticals raised $446.3 million in an upsized U.S. IPO, and its shares opened at $22.10, 30% above the $17 offer price.
1. IPO debut
ADARx sold 26.3 million shares at the top end of its marketed range, compared with an earlier plan to sell 21.9 million shares. The San Diego-based company develops late-stage gene therapies.
2. Drug pipeline
Its most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder that causes sudden swelling attacks. ADARx’s experimental drugs target diseases related to immunity, kidney, cardiovascular and neurological systems.
3. AbbVie investment
AbbVie agreed to invest up to $100 million in a concurrent private placement, which ADARx said would give the drugmaker a roughly 4.9% post-IPO stake.
