ADARx Files Terms for $350 Million IPO to Fund siRNA Pipeline, Led by HAE Candidate Onvuzosiran
核心洞察
ADARx Pharmaceuticals (搜索) set terms for a $350 million Nasdaq IPO, offering 21.88 million shares at $15.00 to $17.00 per share.
The San Diego biotech's lead siRNA candidate, onvuzosiran (搜索), holds FDA Fast Track and orphan drug designations for preventing hereditary angioedema (搜索) attacks.
AbbVie agreed to invest up to $100 million in a concurrent private placement, adding to a May 2025 siRNA collaboration with $335 million upfront.
ADARx Pharmaceuticals (搜索) disclosed terms for a $350 million initial public offering, according to an S-1/A filing dated Sept. 21, 2026. The San Diego-based Phase 2 biotech plans to offer 21.88 million shares at a price range of $15.00 to $17.00, raising $350 million if priced at the $16.00 mid-point. The offering is expected to price this week and will list on the Nasdaq under the symbol "ADRX."
J.P. Morgan and Morgan Stanley lead the joint book-running team, which includes TD Cowen, UBS and LifeSci Capital. AbbVie has agreed to invest up to $100 million in a concurrent private placement, which would give it a roughly 4.9% stake post-IPO.
siRNA Platform Targeting Complement-Mediated Disease
ADARx develops small interfering RNA (siRNA) therapies for complement-mediated diseases, including renal diseases and paroxysmal nocturnal hemoglobinuria (搜索) (PNH), and to prevent secondary stroke. PNH is a rare condition in which the immune system attacks and destroys red blood cells.
According to the prospectus, siRNA therapeutics represent an advancement in precision medicine by addressing diseases at the genetic level, at mRNA or RNA, while avoiding permanent alterations to a patient's genome, or DNA. The company is also conducting programs targeting obesity (搜索) and Alzheimer's disease (搜索). Three of its programs are in clinical testing and two in advanced preclinical development, spanning diseases related to immunity, kidney, cardiovascular and neurological systems.
Onvuzosiran Advances in Hereditary Angioedema
The company's most advanced candidate, onvuzosiran (搜索), is an injectable being developed to prevent attacks of hereditary angioedema (搜索) (HAE), a rare genetic disorder that causes sudden swelling attacks. Onvuzosiran is in late-stage testing for the indication.
In August, ADARx received Fast Track designation from the FDA for onvuzosiran (搜索) to prevent HAE attacks. The candidate previously received orphan drug designation from the FDA as a treatment for HAE. The company expects clinical trial results by the end of 2027.
AbbVie Collaboration and Financial Position
ADARx entered a collaboration and license option agreement with AbbVie in May 2025 to advance novel siRNA therapeutics across multiple therapeutic areas. Under the agreement, ADARx received an upfront cash payment of $335 million and is eligible for up to $385 million in option extension and option exercise payments, up to $7.45 billion in additional contingent milestone payments, and tiered royalties.
The company is not profitable. It reported a net loss of $87.69 million on $6.13 million in collaboration revenue for the 12 months ended June 30, 2026, according to the prospectus. ADARx was founded in 2019.
The offering arrives as biotech listings have broadly rebounded from year-ago levels, though the reopening of the biotech IPO market remains selective, favoring companies with later-stage assets, upcoming catalysts and exposure to areas such as obesity (搜索) and oncology, according to IPOX Research Associate Lukas Muehlbauer. He attributed part of the improved sentiment to large pharmaceutical companies' appetite for external innovation.