ADARx Pharmaceuticals Completes Upsized US IPO, Raises $446.3 Million

By EC Assets · Published 25 September 2026

ADARx Pharmaceuticals has secured $446.3 million in an upsized U.S. initial public offering. The company’s IPO reflects growing investor interest in biotech listings. This offering makes ADARx the first RNAi biotech to price an IPO in the U.S. in over a decade. ADARx Pharmaceuticals is the only maker of RNA-based drugs to go public since 2024. The company announced the pricing of its upsized $446.3 million initial public offering. J.P. Morgan, Morgan Stanley, TD Cowen, and UBS Investment Bank served as lead book-running managers for the offering. LifeSci Capital acted as a book-running manager. ADARx Pharmaceuticals aims for a Nasdaq listing. The IPO comes amid strength in the broader biotech sector. The XBI index has risen 25% in 2026. ADARx said it would sell 21.9 million shares at $15 to $17 each. The company would have approximately 105.5 million shares outstanding after the IPO and a private placement. This calculation assumes an exercise of the overallotment option. This would result in a market capitalization of around $1.69 billion. The company had targeted a valuation of up to $1.74 billion for its Nasdaq IPO. This article is intended for informational purposes only. It does not constitute investment advice.