ADARx prices IPO at $17 a share
The late-clinical siRNA company is selling 26.25 million shares in a $446.25 million offering.
ADARx Pharmaceuticals (ADRX) priced its initial public offering at $17.00 a share, selling 26,250,000 shares for a total offering amount of $446,250,000.00. Underwriters may buy 3,937,500 additional shares, which the company said would bring estimated net proceeds to $495,300,000.00. The underwriting discount is $1.19 a share.
The company describes itself as a late-clinical stage biotechnology company developing next-generation siRNA therapeutics, with three clinical-stage hepatic programs in complement-mediated diseases, hereditary angioedema and thrombotic diseases, and two extrahepatic preclinical programs in adipose tissue and neurons. It said it has built proprietary messenger RNA silencing and cell-targeted delivery technologies to extend potent, durable silencing beyond the liver.
ADARx said it intends to use the net proceeds, together with existing cash, to advance agazisiran, onvuzosiran and its other clinical and preclinical candidates, including later-stage trials and pre-commercial work, as well as for working capital and general corporate purposes. It also disclosed a discovery-stage collaboration with AbbVie on novel siRNA programs.
The proposed Nasdaq Global Market symbol is ADRX. The offering includes a directed share program for directors, officers, employees and certain other investors, with unpurchased reserved shares offered to the public on the same terms.