Let’s do this again: Cancer biotech Parabilis Medicines (PBLS) upsized its IPO at pricing to 33.5 million shares – up from 33.33 million shares – and priced the deal at $20.00 – $1.00 above the top of its range – to raise $670 million on Tuesday night, June 9, 2026. It was the IPO’s second upsizing of the day. Early Tuesday morning, Parabilis Medicines (PBLS) increased its IPO’s size to 33.33 million shares – up 33 percent from 25 million shares initially – and kept the price range at $17.00 to $19.00 – to raise about $600 million, based on pricing at the $18.00 mid-point of its range.
Parabilis Medicines (PBLS) stock jumped in its NASDAQ debut today – Wednesday, June 10, 2026 – opening at $33.35 – up $13.35 from its IPO price – for a 66.75 percent gain.
Leerink Partners and BofA Securities led the joint book-runners’ team, which included Evercore ISI, Guggenheim Partners and LifeSci Capital.
Parabilis Medicines (PBLS), based in Cambridge, Massachusetts, is a clinical biotech that used its proprietary platform “to pioneer a novel therapeutic modality, Helicons, which are stabilized helical peptides to bind and precisely modulate proteins that have long been beyond the reach of conventional medicines,” the prospectus said.
“To our knowledge, our lead product candidate, zolucatetide, is the first-ever drug to directly target the interaction between b-catenin and the T-cell factor (“TCF”) family of transcription factors. This is the central node in the Wnt/b-catenin cell signaling pathway, which regulates cell proliferation and differentiation and whose hyperactivation is a driver of millions of cancer cases annually across many tumor types. Drugging this critical node eluded three decades of intensive efforts to do so across the pharmaceutical industry,” according to the prospectus.
Parabilis Medicines plans to start a Phase 3 registrational trial of zolucatetide to treat patients with desmoid tumors in the first half of 2027, the prospectus said.
RA Capital is among the principal shareholders.
Like most biotechs when they go public, Parabilis Medicines (PBLS) has a history of net losses and no product revenue to date. Parabilis Medicines reported a net loss of $152.88 million on no revenue for the 12 months that ended March 31, 2026, according to financial statements in the prospectus.
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