ADARx raises IPO target as TRex Bio and Retension join biotech filing wave

ADARx Pharmaceuticals is seeking up to $371.9 million in its U.S. IPO—above the initially reported $319 million target—by offering 21.875 million shares at $15–$17 each.

At the midpoint, the deal would raise roughly $350 million and value the San Diego-based RNA therapeutics developer at as much as $1.74 billion.

AbbVie has agreed to make a concurrent private placement of up to $100 million, potentially giving it about a 4.9% post-IPO stake.

ADARx plans to list on Nasdaq under the ticker ADRX. J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are underwriting the offering.

Retension Pharmaceuticals and TRex Bio also filed for public listings, adding to a growing biotech IPO pipeline. Electra Therapeutics separately launched an upsized $350 million IPO.

ADARx develops siRNA medicines for rare immune, kidney, cardiovascular and neurological diseases, and intends to use IPO proceeds for late-stage trials and research.