SiRNA's new AdarX (ADRX.US) launches US$350 million IPO, AbbVie subscribes for 4.9% of shares and makes a maximum investment of US$100 million

Zhitongcaijing · 1d ago

The Zhitong Finance App learned that AdarX Pharmaceuticals is a phase 3 clinical biotechnology company that is developing siRNA therapeutics for various diseases. The company announced the terms of its IPO offering on Monday.

The company plans to raise US$350 million by issuing 21.9 million shares, with an issue price range of $15 to $17. AbbVie has agreed to subscribe for a certain number of shares in a simultaneous private placement and will hold 4.9% of the shares after the transaction is completed; based on the median issue price range, this means an investment of about 80 million US dollars, and the total investment will not exceed 100 million US dollars. Based on the median value of the proposed issuance price range, AdarX Pharmaceuticals will have a market value of 1.8 billion US dollars after complete dilution.

AdarX Pharmaceuticals is focused on developing the next generation of small interfering RNA (siRNA) therapies aimed at treating a wide range of diseases. The company's pipeline includes three clinical-stage projects and two late-stage pre-clinical projects. Its three clinical phase drug candidates all target liver tissue and are currently being evaluated for treatment of complement-mediated diseases, hereditary angioedema, and thrombotic diseases. Two other projects are or are being advanced to support IND (New Drug Clinical Trial Application), targeting obesity and neurodegenerative diseases, including Alzheimer's disease, respectively.

AdarX Pharmaceuticals was founded in 2019 and achieved $6 million in revenue in the 12 months ending June 30, 2026. The company plans to list on NASDAQ under the code ADRX. J.P. Morgan Chase, Morgan Stanley, TD Cowen, UBS Investment Bank, and LifeSci Capital acted as joint bookkeepers for the transaction. Pricing is expected for the week of September 21, 2026 (Monday).