ADARx Pharmaceuticals (ADRX Proposed) disclosed the terms for its $350 million IPO early today: 21.88 million shares at a price range of $15.00 to $17.00 to raise $350 million, if priced at the $16.00 mid-point of its range, according to its S-1/A filing dated Sept. 21, 2026. The IPO is expected to price this week. (Please see our IPO Calendar for the pricing date.)
J.P.Morgan and Morgan Stanley are leading the joint book-running team, which includes TD Cowen, UBS and LifeSci Capital.
San Diego-based ADARx Pharmaceuticals is a Phase 2 biotech developing siRNA drug therapies to treat complement-mediated diseases, including renal diseases and PNH, and to prevent secondary stroke. PNH is a rare condition in which your immune system attacks and destroys your red blood cells, according to the Cleveland Clinic. From the prospectus: siRNA, or small interfering RNA, therapeutics represent a significant advancement in precision medicine by addressing diseases at the genetic level (mRNA or RNA) while avoiding permanent alterations to a patient’s genome (DNA). ADARx Pharmaceuticals is conducting other drug development programs that target obesity and Alzheimer’s disease.
ADARx Pharmaceuticals is developing onvuzosiran as an injection to prevent attacks of hereditary angioedema (HAE), according to the prospectus. In August, the company received Fast Track designation from the FDA for onvuzosiran to prevent HAE attacks. It previously received orphan drug designation from the FDA for onvuzosiran as a treatment for HAE. The company expects clinical trial results by the end of 2027.
ADARx Pharmaceuticals entered into a collaboration and license option agreement with AbbVie in May 2025 to advance novel siRNA therapeutic treatments across multiple therapeutic areas, the prospectus said. The company received an upfront cash payment of $335 million. It’s eligible to receive additional payments of up to $385 million in option extension and option exercise payments – up to $7.45 billion in additional contingent milestone payments as well as tiered royalties, the prospectus said.
ADARx Pharmaceuticals would have a market cap of about $1.64 billion, if priced at the $16.00 mid-point of its range.
The company is not profitable: Net loss of $87.69 million on $6.13 million in collaboration revenue for the 12 months that ended on June 30, 2026, according to the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
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