ADARx Pharmaceuticals, a biotech company backed by AbbVie, raised $446.3 million in its initial public offering. The company priced shares at $17 each. It saw strong investor demand.
AbbVie will invest up to $100 million in a concurrent private placement. This gives AbbVie a 4.9% stake in ADARx.
ADARx specializes in RNA interference therapies. It has a promising drug candidate, onvuzosiran, in late-stage trials for a rare genetic condition.
The IPO and AbbVie's investment highlight continued interest in innovative biotech firms. AbbVie views this as a strategic investment in drug development. It aligns with AbbVie's efforts to bolster its pipeline through collaborations and acquisitions.