ADARx Raises $446 Million as Biotech IPOs Regain Momentum

ADARx has raised $446 million in an upsized Nasdaq IPO, providing another test of returning investor appetite for biotechnology companies.

ADARx Pharmaceuticals has raised $446.3 million in an upsized IPO, providing another test of returning investor appetite for biotechnology stocks.

The drug developer sold 26.25 million shares at $17 each, the top of its marketed range, after increasing the size of the offering.

Shares are expected to begin trading on Nasdaq under the ticker ADRX.

The company develops treatments using small interfering RNA, or siRNA, technology, which is designed to silence genes involved in disease. Its most advanced candidate, onvuzosiran, is being developed for hereditary angioedema and has reached late-stage clinical testing.

AbbVie adds its backing

ADARx also has support from one of the world's largest pharmaceutical companies.

AbbVie is making a separate investment alongside the IPO and is expected to hold approximately 4.9% of ADARx once the transactions close. Combined gross proceeds could reach roughly $535 million.

The companies already work together on potential siRNA treatments across neuroscience, immunology and oncology.

For investors, ADARx is also part of a wider story.

Biotech companies depend heavily on capital markets because developing drugs can require years of spending before meaningful revenue arrives. A stronger IPO market gives promising developers another route to fund expensive clinical trials.

Pricing at the top of its range and increasing the offering suggests ADARx found substantial demand.

The next question is whether that enthusiasm lasts beyond the IPO — and whether its clinical pipeline can ultimately justify it.