ADARx Pharmaceuticals (ADRX) upsized its IPO at pricing to 26.25 million shares – up from 21.88 million shares in the prospectus – and priced the IPO at $17.00 – the high end of its $15.00-to-$17.00 range – to raise $446.25 million on Thursday night, Sept. 24, 2026. . At pricing, ADARx Pharmaceuticals (ADRX) had a market cap of $1.81 billion.
Shares of ADARx Pharmaceuticals (ADRX) are expected to start trading tomorrow – on Friday, Sept. 25, 2026 – on the NASDAQ.
J.P. Morgan and Morgan Stanley led the joint book-running team, which included TD Cowen, UBS and LifeSci Capital.
AbbVie & OrbiMed on Board
AbbVie (ABBV) agreed to buy up to $100 million of ADARx Pharmaceuticals’ stock in a concurrent private placement that would result in AbbVie owning about 4.9 percent of the ADARx Pharmaceuticals’ outstanding shares of common stock.
ADARx Pharmaceuticals (ADRX Proposed) entered into a collaboration and license option agreement with AbbVie (ABBV) 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 – and it’s eligible to receive up to $7.45 billion in additional contingent milestone payments plus tiered royalties.
In addition to support from AbbVie, ADARx Pharmaceuticals (ADRX) also has backing from OrbiMed, according to the prospectus. OrbiMed had a pre-IPO stake of 30.8 percent of the outstanding stock – and after the IPO, OrbiMed’s stake will be 22.7 percent, the prospectus said. Among the principal stockholders, OrbiMed has the largest single stake.
Genetic Drugs for Kidney & Immune Diseases & Stroke Prevention
ADARx Pharmaceuticals (ADRX), based in San Diego, is a Phase 2/Phase 3 biotech developing siRNA drug therapies to treat complement-mediated diseases, including renal diseases and PNH, as well as a drug candidate to prevent secondary stroke and a drug candidate given as an injection to prevent attacks of hereditary angioedema (HAE).PNH is a rare condition in which your immune system attacks and destroys your red blood cells, according to the Cleveland Clinic.
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), the prospectus said.
In the prospectus, ADARx Pharmaceuticals summarizes its leading drug programs:
* Onvuzosiran is its leading drug candidate – in a Phase 3 STOP-HAE clinical trial – designed to evaluate it as an injection to target prekallikrein (PKK) to prevent attacks of hereditary angioedema (HAE), known as the swelling disease, according to the prospectus. The company expects clinical trial results by the end of 2027. If the STOP-HAE data are positive, the company anticipates submitting a potential New Drug Application (NDA) in 2028.
In August 2026, the company received Fast Track designation from the FDA for onvuzosiran to prevent HAE attacks. The company previously received orphan drug designation from the FDA for onvuzosiran as a treatment for HAE.
* Agazisiran is the company’s complement factor B (CFB) program. Agazisiran represents a pipeline-in-a-product opportunity, where a single therapeutic candidate has the potential to address multiple indications.
“We are conducting three Phase 2 clinical trials to evaluate the efficacy and safety of agazisiran in patients with complement-mediated diseases: (1) renal diseases, including IgAN, C3G and IC-MPGN; (2) PNH, and (3) GA (geographic atrophy) secondary to age-related macular degeneration (AMD) – a condition that can cause blind spots or blurred vision. The Phase 2 clinical trials are enrolling participants with initial data in IgAN, C3G and PNH expected in mid- to the second half of 2027.”
* ADX-626: Our Factor XI (FXI) program, ADX-626, is in development for secondary stroke prevention with additional clinical potential for stroke prevention in atrial fibrillation.
“We are conducting a Phase 1 single ascending dose clinical trial in healthy volunteers for ADX-626 to evaluate the safety and tolerability, PK activity and PD activity of ADX-626. We are preparing for Phase 2 clinical development and intend to continue to explore higher doses of ADX-626 in the Phase 1 trial. We plan to initiate a Phase 2a/b clinical trial in secondary stroke prevention in 2027, with Phase 2a 3-month PD data expected by the end of 2027.”
ADARx Pharmaceuticals is also conducting pre-clinical drug development programs that target obesity and Alzheimer’s disease.
ADARx Pharmaceuticals 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 financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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