Cambridge-based Parabilis Medicines is moving forward with a public offering to fund its clinical-stage cancer drug pipeline. The biotechnology company plans to raise $475 million by selling 25 million shares priced between $17 and $19 each, according to SEC filing documents released Thursday.

At the high end of the pricing range, Parabilis would command a market valuation approaching $2.1 billion. The capital infusion comes as the company advances multiple immunotherapy candidates through late-stage trials, positioning itself amid a competitive landscape of cancer drug developers seeking public markets to fund expensive clinical programs.

The IPO reflects growing investor appetite for biotech firms with clinical assets. Parabilis joins a wave of specialty pharmaceutical companies tapping public markets this year, as rising interest rates have not deterred investors from backing innovative therapies. The company's lead candidate targets solid tumor cancers, with data expected later this decade.

The funding will accelerate Parabilis's development timeline and potentially support acquisitions of complementary assets. With biotech valuations recovering from pandemic-era lows, this offering tests whether clinical-stage companies can command premium public valuations.