ADARx Pharmaceuticals targets up to $1.74 billion valuation in U.S. IPO
Biotech listing activity is showing renewed momentum as ADARx Pharmaceuticals moves ahead with plans to go public in the U.S. The San Diego-based company is seeking to raise up to $371.9 million, with AbbVie set to take a roughly 4.9% stake through a concurrent private placement after the offering.
Highlights
- ADARx Pharmaceuticals plans to offer 21.9 million shares at $15 to $17 each in its U.S. IPO, aiming for up to a $1.74 billion valuation.
- Shares will list on Nasdaq under the symbol 'ADRX', with JP Morgan, Morgan Stanley, TD Cowen, UBS, and LifeSci Capital as underwriters.
- AbbVie will acquire about a 4.9% stake through a concurrent private placement, offering strategic support as biotech IPO activity rebounds.
Offering terms and listing plan
As reported by Reuters, ADARx Pharmaceuticals says it plans to offer 21.9 million shares in its initial public offering at a price range of $15 to $17 each. At the top end of that range, the company is targeting a valuation of up to $1.74 billion.The company plans to list its shares on Nasdaq under the symbol "ADRX". JP Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters for the offering.
Biotech market backdrop and strategic support
ADARx is coming to market as investor appetite for biotech listings strengthens, even as a sharp rise in Treasury yields and higher interest rates continue to complicate conditions for new offerings. That environment has made IPO valuations harder to establish and has led some prospective issuers to wait for markets to stabilize.AbbVie has agreed to buy shares in a concurrent private placement that would leave it with a roughly 4.9% stake in ADARx following the IPO. The commitment adds strategic backing as the company enters public markets.
Our earlier coverage of the Indian rupee highlighted how IPO-related foreign inflows and expectations of RBI support were helping keep USD/INR in a tight range, even as elevated oil prices pressured the current account. We also noted that strong demand for a major domestic IPO and ample FX reserves were key stabilizing factors for the currency.
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