ADARx Raises $446 Million in Upsized IPO

ADARx Pharmaceuticals priced an upsized IPO on September 24, 2026, raising about $446 million by selling 26.3 million shares at $17 each, the high end of its $15-$17 range. Trading began September 25 on Nasdaq as ADRX. AbbVie invested about $89 million in a concurrent private placement, lifting its stake to 4.9 percent. The biotech is developing siRNA medicines. Three clinical-stage programs target the liver for complement-mediated diseases, hereditary angioedema and thrombotic diseases. Two earlier programs address obesity and neurodegenerative diseases including Alzheimer's. Lead candidate onvuzosiran is in Phase 3 for hereditary angioedema after early data showed up to 93 percent plasma kallikrein reduction; initial Phase 3 results are expected by end of 2027. Agazisiran is in mid-stage trials for kidney diseases, geographic atrophy and paroxysmal nocturnal hemoglobinuria, called a pipeline-in-a-product opportunity by the company. The company described RNAi technology as constrained with limited broader potential and said its versions are optimized.