ADARx sets terms for planned US IPO

ADARx Pharmaceuticals has set proposed terms for a U.S. initial public offering that would bring the RNA therapeutics developer to the Nasdaq. The company plans to offer about 21.9 million shares at a price range of $15 to $17 per share. At the top of the range and including all shares on offer, the deal could raise up to $371.9 million. The terms imply a potential valuation of up to $1.74 billion for the San Diego-based company.

ADARx intends to list its shares under the ticker symbol "ADRX". The offering structure positions the company to access public capital markets while maintaining a focus on its core RNA-based drug development strategy. The IPO terms frame both the potential capital raise and the valuation sought as the company advances late-stage and earlier-stage programs.

Alongside the IPO, ADARx has arranged a concurrent private placement with AbbVie (ABBV). Under this agreement, AbbVie (ABBV) has committed to purchase shares in a transaction that would result in roughly a 4.9% ownership stake in ADARx after the IPO. Some reports indicate that AbbVie has agreed to invest up to $100 million in the private placement, aligning a large pharmaceutical partner with the company’s public market debut.

The IPO is supported by a syndicate of underwriters including J.P. Morgan, Morgan Stanley (MS), TD Cowen, UBS Investment Bank and LifeSci Capital. This underwriting group will market the offering to investors and help structure the final deal terms within the proposed price range. Their participation underscores the scale of the planned listing and the focus on institutional demand for shares.

ADARx develops RNA-based therapies, with a pipeline centered on small interfering RNA medicines. The company reports three programs currently in clinical testing and two additional programs in advanced preclinical development. These efforts span multiple development stages, providing a range of assets that could be advanced with proceeds from the offering and the private placement.

The lead candidate in the portfolio is onvuzosiran, which is in late-stage clinical testing for hereditary angioedema, a rare disease associated with recurrent swelling attacks. The prominence of this late-stage program is a key element of ADARx’s story as it seeks public funding. The combination of onvuzosiran’s advanced status and the broader RNA pipeline is central to the investment case presented through the IPO documentation.