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ADARx Pharmaceuticals had a strong Wall Street debut, with shares jumping 30% above its IPO price after raising $446.3 million. The San Diego-based gene therapy company, backed by a $100 million investment from AbbVie, is developing drugs targeting immunity, kidney, cardiovascular, and neurological diseases. Its Phase 3 lead drug is expected to report top-line data by end of 2027.
ADARx Pharmaceuticals made a splashy Wall Street entrance on Friday, with shares opening at $22.10 — 30% above its IPO price of $17 — after the late-stage gene therapy developer raised $446.3 million in an upsized offering. The San Diego-based company, founded in 2019, sold 26.3 million shares at the top of its marketed range, exceeding its original plan of 21.9 million shares.
The IPO got a notable boost from pharma giant AbbVie, which agreed to invest up to $100 million in a concurrent private placement, securing roughly a 4.9% stake. Analysts say AbbVie's backing — combined with ADARx's broad pipeline targeting immunity, kidney, cardiovascular, and neurological diseases — helped the company stand out in a competitive biotech IPO market.
By the Numbers:
Why it matters: Biotech continues to be a bright spot in an otherwise choppy IPO market. Investors are zeroing in on companies with mature clinical assets and solid cash runways — and ADARx's diversified platform and high-profile backer check both boxes.
