ADARx raises $513.2M as underwriters exercise IPO option

ADARx Pharmaceuticals, a biotech firm, has successfully raised $513.2 million in its initial public offering (IPO), as underwriters exercised their option to buy additional shares. The IPO closed today, adding 3,937,500 shares to the total 30,187,500 shares sold. The offering generated $513.2 million in gross proceeds for ADARx, before accounting for underwriting fees and expenses.

The lead underwriters were J.P. Morgan, Morgan Stanley, TD Cowen, and UBS Investment Bank. LifeSci Capital also participated as a book-running manager. ADARx's registration documents with the SEC went live on September 24, 2026. A separate private placement saw AbbVie purchase 5,255,542 shares at $17.00 each, exempt from SEC registration.

With this deal, ADARx raised a combined $602.5 million, including the IPO and the private placement. ADARx focuses on developing siRNA therapeutics and has a collaboration with AbbVie to create siRNA medicines for neurological, immunological, and oncological conditions.