ADARx Pharmaceuticals Targets $1.74 Billion Valuation in Nasdaq IPO

ADARx Pharmaceuticals, a company developing RNA-based drugs, announced plans for its initial public offering on the Nasdaq exchange. The company is targeting a valuation of up to $1.74 billion, aiming to raise up to $371.9 million by offering 21.9 million shares priced between $15 and $17. The company is headquartered in San Diego, California, and plans to use part of the IPO proceeds to fund late-stage trials and further research. Concurrent with the IPO, drugmaker AbbVie agreed to invest up to $100 million in a private placement for a roughly 4.9% stake in ADARx.

The IPO allows ADARx to raise significant capital to advance its experimental drug pipeline, including its candidate onvuzosiran. The offering is being managed by major financial institutions, including Morgan Stanley and TD Cowen, which are involved in the underwriting process. The listing adds to the activity on the Nasdaq exchange.