ADARx prices upsized $446.3M Nasdaq IPO

ADARx Pharmaceuticals has priced an upsized initial public offering of 26,250,000 shares of common stock at a public offering price of $17.00 per share. The transaction is expected to generate approximately $446.3 million in gross proceeds for the company before deducting underwriting discounts, commissions and other offering expenses. The structure reflects increased demand relative to earlier plans, resulting in a larger offering size at the fixed price point.

Underwriters have been granted a 30‑day option to purchase up to an additional 3,937,500 shares of common stock at the public offering price, less underwriting discounts and commissions. Any exercise of this option would increase the total number of shares sold and further augment gross proceeds beyond the currently expected amount, though potential incremental proceeds are not included in the $446.3 million figure.

The common stock of ADARx is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "ADRX" on September 25, 2026. The closing of the IPO is scheduled for September 28, 2026, subject to customary closing conditions associated with equity offerings on U.S. capital markets. These steps will transition ADARx into a publicly traded company with shares accessible to a broad investor base on a major U.S. exchange.

J.P. Morgan, Morgan Stanley, TD Cowen and UBS Investment Bank are serving as lead book‑running managers for the offering, indicating participation from several large global investment banks. LifeSci Capital is also acting as a book‑running manager, supporting the distribution and execution of the deal. This syndicate is responsible for marketing the offering, allocating shares to investors and stabilizing trading in the early days of listing where applicable.

Alongside the IPO, ADARx has arranged a concurrent private placement with AbbVie (ABBV) at the same $17.00 per share price. AbbVie (ABBV) has agreed to purchase a number of shares that would result in it owning approximately 4.9% of ADARx’s outstanding common stock following the closings. The investment is subject to a cap under which AbbVie will not purchase more than $100.0 million in shares in the private transaction.

The concurrent private placement is contingent on the consummation of the IPO, meaning it will close only if the public offering is successfully completed. When combining the expected IPO gross proceeds of approximately $446.3 million with the anticipated capital from the AbbVie private placement, ADARx projects total gross proceeds of about $535.2 million. This combined capital figure excludes any additional funds that might result from the underwriters exercising their option to buy more shares.