ADARx Pharmaceuticals Targets $1.74B Valuation in Nasdaq Debut
San Diego-based biotech firm, ADARx Pharmaceuticals, is gearing up for one of the most audacious IPOs of 2026. The company is eyeing a valuation of up to $1.74 billion as it readies to list on the Nasdaq under the ticker symbol ADRX. According to its filing with the U.S. Securities and Exchange Commission, ADARx aims to raise up to $371.9 million by offering 21.9 million shares priced between $15 and $17 each.
ADARx is at the forefront of developing innovative RNA-based medicines that target rare immune, kidney, cardiovascular, and neurological diseases. The company’s pipeline comprises three programs currently undergoing clinical testing and two more in advanced preclinical development. Its flagship candidate, onvuzosiran, is in late-stage trials for hereditary angioedema — a rare genetic condition that can trigger life-threatening swelling episodes.
In a significant endorsement, pharmaceutical titan AbbVie has pledged to invest up to $100 million in a concurrent private placement. This investment will secure approximately a 4.9% stake in ADARx post-IPO. This deal emerges amidst a booming biotech IPO market, with eleven biotech firms having already raised over $300 million in IPOs in 2026, equalling the total for the entire year of 2021. The offering is underwritten by JP Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank, and LifeSci Capital.
Source: Bloomberg – Drugmaker Adarx Pharma Seeks to Raise $371.9 Million in US IPO