Drug developer ADARx seeks $1.74 billion valuation in US IPO
ADARx Pharmaceuticals, a biotech company developing RNA-based drugs for rare diseases, is preparing for a US IPO with the goal of raising up to $371.9 million. The company has set its valuation at a potential $1.74 billion. AbbVie, the pharmaceutical giant, has committed to investing up to $100 million in a private placement, which would give it a 4.9% stake following the IPO. This investment comes in the wake of ADARx's $335 million research collaboration with AbbVie in May 2025.
ADARx's experimental drugs target various systems, including immunity, kidney, cardiovascular, and neurological systems. Three of its programs are currently in clinical testing, while two are in advanced preclinical development. ADARx's most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder causing sudden swelling attacks.
Despite the increase in Treasury yields and higher interest rates causing some biotech companies to postpone their IPOs, ADARx remains optimistic about its prospects. The IPO market for biotech companies has rebounded from year-ago levels, with other recent filings like Retension Pharmaceuticals and TRex Bio, as well as Electra Therapeutics, adding to the renewed interest. JPMorgan, Morgan Stanley, and TD Cowen are among the underwriters for ADARx's offering, which will be listed on the Nasdaq under the symbol ADRX.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
