ADARx Pharmaceuticals Prices IPO at $17 Per Share, Raising $446.3 Million

ADARx Pharmaceuticals, Inc. has priced its initial public offering of 26,250,000 shares of common stock at $17.00 per share, according to a company statement. The offering is set to generate gross proceeds of approximately $446.3 million for the San Diego-based company, before deducting underwriting discounts and other expenses.

Offering Details and Market Debut

The shares are scheduled to begin trading on the Nasdaq Global Select Market on September 25, 2026, under the ticker symbol ADRX. The offering is expected to close on September 28, 2026, subject to customary closing conditions.

Underwriters have a 30-day option to purchase up to an additional 3,937,500 shares at the IPO price. The offering is being led by J.P. Morgan, Morgan Stanley, TD Cowen, and UBS Investment Bank as lead book-running managers, with LifeSci Capital also acting as a book-running manager.

AbbVie's Strategic Investment

Concurrent with the public offering, pharmaceutical company AbbVie has agreed to purchase shares of ADARx in a private placement. AbbVie will buy the shares at the $17.00 IPO price in a deal capped at $100.0 million.

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Following the closings of both the IPO and the private placement, AbbVie will own approximately 4.9% of ADARx’s outstanding common stock. The combined gross proceeds from both transactions are expected to total approximately $535.2 million, excluding any potential exercise of the underwriters' option. This investment deepens an existing collaboration between the two companies.

Company Background

ADARx is a late-stage clinical biotechnology company specializing in the development of siRNA (small interfering RNA) therapeutics. Its pipeline targets a range of conditions, including complement-mediated, genetic, cardiovascular, and central nervous system diseases.

The company already has a collaboration and license option agreement with AbbVie focused on developing siRNA therapeutics for neuroscience, immunology, and oncology, providing context for AbbVie's direct investment.