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RNA Drug Developer Adarx Files for US IPO with Backing from OrbiMed, Bain Capital
Adarx Pharmaceuticals Inc., a developer of RNA-based therapies backed by prominent investors OrbiMed and Bain Capital, has filed for an initial public offering in the United States. The company plans to use the proceeds to advance its pipeline of drugs designed to treat a variety of diseases by regulating gene expression.
Use of Proceeds and Offering Details
According to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Adarx intends to use the IPO funds to advance five of its small interfering RNA (siRNA) drug candidates currently in clinical or preclinical stages. A key objective is completing a Phase 2 clinical trial for a therapy targeting a rare kidney disease and other conditions.
The company's therapies are designed to address diseases at a genetic level without altering the human genome or DNA. Adarx plans to list its shares on the Nasdaq Global Market under the ticker symbol ADRX. The offering is being led by J.P. Morgan, Morgan Stanley, TD Cowen, UBS, and LifeSci Capital.
Prominent Backers and Strategic Partnerships
AdAdarx is supported by a strong syndicate of healthcare and institutional investors. The filing shows its largest shareholder is specialist investment firm OrbiMed Advisors, which held a 31% stake before the offering. Other major investors include Lilly Asia Ventures (LAV), CEO Zhen Li, and SR One.
In 2023, the company raised $200 million in a Series C financing round led by Bain Capital Life Sciences and TCGX. That round also brought in new investors such as BlackRock, Invus, Marshall Wace, and T. Rowe Price Group Inc.
Additionally, Adarx has a significant collaboration with pharmaceutical giant AbbVie. As part of the agreement, AbbVie made an upfront payment of $335 million last May. Adarx is eligible for billions of dollars in potential future payments if it achieves certain drug development milestones in neuroscience, immunology, and oncology.
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