Biotechnology company ADARx Pharmaceuticals from San Diego, which develops siRNA-based drugs, conducted an increased IPO at $17 per share – at the upper end of the range of $15–17. The company sold 26.25 million shares, raising approximately $446.3 million.
The shares will begin trading on the Nasdaq Global Select Market on Friday under the ticker ADRX. The closing date is September 28, 2026. Underwriters include J.P. Morgan, Morgan Stanley, TD Cowen, UBS, and LifeSci Capital. They have a 30-day option for an additional 3,937,500 shares. At the same time, AbbVie will purchase shares of ADARx at the same price in a private placement to acquire a stake of approximately 4.9% – not exceeding $100 million. The total revenue from the IPO and private placement is approximately $535.2 million.
ADARx is studying siRNA drugs for the treatment of eye diseases, kidney disorders, obesity, and Alzheimer's disease. Three candidates are in clinical development, and two are in preclinical stages. For the six months ending June 30, 2026, the net loss was $48.4 million on revenue of $2.9 million. AbbVie has a collaboration agreement with ADARx; in May 2025, the company received a $335 million upfront payment. After the IPO, shareholder stakes will change: OrbiMed – from 31% to 23%, LAV – from 16% to 12%, CEO Zhen Li – from 13% to 10%, SR One – from 11% to 8.2%.
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