Parabilis’ record $670M IPO to fund cancer drug and platform expansion

Parabilis Medicines raised $670 million in a record-setting IPO on the Nasdaq, surpassing the previous biotech record of $625 million held by Kailera Therapeutics.

The IPO involved 33.5 million shares priced at $20 per share, above the initially marketed range of $17–$19, signaling strong investor demand.

An additional $75 million private placement by Regeneron brings total capital raised to about $745 million, which will fund Phase 3 development of the lead cancer candidate zolucatetide (FOG‑001) and expand the broader peptide‑based oncology pipeline.

Parabilis, formerly FogPharma, is a Cambridge, Massachusetts–based clinical‑stage oncology company developing Helicon peptides to drug historically undruggable targets such as β‑catenin, focusing first on desmoid tumors and other solid cancers.