ADARx Pharmaceuticals surges in Nasdaq debut after upsized $446.3 million IPO
ADRX•ADARx Pharmaceuticals opened at $22.10 per share, above its $17 IPO price, and surged as much as 36.5% in its Nasdaq debut after raising $446.3 million in an upsized offering.
1. IPO debut
The San Diego-based drug developer sold about 26.3 million shares, up from the roughly 21.9 million initially marketed at $15 to $17 apiece. AbbVie had indicated interest in buying $100 million worth of shares in a concurrent private placement.
2. Biotech IPO pipeline
City Therapeutics also filed for a U.S. IPO on Thursday. Matt Kennedy, a senior strategist at Renaissance Capital, said, “If ADARx does well, I expect City would have no problem finding buyers.”
