ADARx Targets $1.74 Billion Valuation in US IPO, AbbVie to Invest $100 Million

ADARx Pharmaceuticals said Monday it is seeking a valuation of up to $1.74 billion in a US initial public offering, joining a wave of biotech listings as the sector's IPO market cautiously reopens. The San Diego-based RNA drug developer is offering 21.9 million shares priced between $15 and $17, targeting up to $371.9 million in proceeds. AbbVie agreed to invest up to $100 million in a concurrent private placement, securing roughly a 4.9% post-IPO stake. AbbVie previously paid ADARx $335 million in May 2025 for a research collaboration. ADARx's most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema. Three programs are in clinical testing, with two in advanced preclinical development. The company will list on the Nasdaq under the symbol "ADRX," with JPMorgan, Morgan Stanley and TD Cowen among the underwriters.