Adarx Pharmaceuticals Inc., a San Diego-based late-stage developer of gene therapies, raised $446.3 million in an upsized initial public offering that priced at the top of its marketed range. The company sold 26.25 million shares for $17 each, giving it a market value of approximately $1.8 billion. Adarx focuses on small interfering ribonucleic acid (siRNA) drugs to treat a range of illnesses, including eye diseases, renal disorders, obesity, and Alzheimer’s disease. Three therapeutic candidates are currently in clinical development while two others remain in preclinical stages.

For the six months ended June 30, Adarx reported a net loss of $48.4 million on collaboration revenue of $2.9 million, compared to a net loss of $33.6 million on $208,000 in collaboration revenue in the prior year period. Abbvie Inc., which holds a collaboration agreement with Adarx, agreed to purchase shares in a private placement at the IPO price, resulting in a roughly 4.9% stake. The placement size is capped at $100 million. In May 2025, Adarx received $335 million upfront as part of its collaboration with AbbVie, and remains eligible for several billion dollars in additional payments.

Orbi Med’s stake declined to 23% from 31% following the IPO, while LAV holds 12%, down from 16%. Zhen Li, Adarx’s Chief Executive Officer, saw her shareholding drop to 10% from 13%, and SR One now holds 8.2%, down from 11%. Bain Capital Life Sciences and TCGX led a $200 million Series C funding round in 2023, joined by BlackRock Inc., Invus, Marshall Wace, and T. Rowe Price Group Inc. The offering was led by JPMorgan Chase & Co., Morgan Stanley, Toronto-Dominion Bank, UBS Group AG, and Life Sci Capital. Shares are expected to begin trading on the Nasdaq Global Market under the ticker ADRX.