Late stage gene therapy developers do not come public every day, and Adarx is leaning into that moment. The San Diego company priced at the high end and upsized the offering, a sign of solid demand for its siRNA pitch. With fresh cash, a big pharma partner and multiple programs running, investors get a clearer read on where this pipeline could head next.
Adarx sold 26.25 million shares at $17, as disclosed Thursday, after marketing 21.875 million shares in the $15 to $17 range. Using the outstanding share count in regulatory filings, that price implies an equity value of about $1.8 billion.
Ownership will move around post-listing. OrbiMed Advisors, a backer, is set to hold about 23% following the IPO versus 31% before. LAV is expected at 12% compared with 16%, Chief Executive Officer Zhen Li at 10% down from 13%, and SR One at 8.2% from 11%.
Big financial events may grab attention, but steady habits protect and grow your wealth. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
AbbVie Inc., already collaborating with Adarx, arranged to participate through a separate purchase at the IPO price that targets roughly a 4.9% position, with that buy limited to no more than $100 million. Under the collaboration, Adarx received $335 million upfront in May 2025 and could see several billion dollars in further consideration through option fees, development and commercial milestones, plus tiered royalties.
On the private side, Bain Capital Life Sciences and TCGX spearheaded a $200 million Series C round in 2023 that added BlackRock Inc., Invus, Marshall Wace and T. Rowe Price Group Inc. as first-time investors. The IPO was led by JPMorgan Chase & Co., Morgan Stanley, Toronto-Dominion Bank, UBS Group AG and LifeSci Capital.
Adarx develops small interfering ribonucleic acid therapies aimed at diseases of the eye and kidney, as well as obesity and Alzheimer's. The appeal is precision at the genetic target level without making permanent edits to a person's DNA. Three candidates are already being tested in humans and two more are in preclinical work.
The company expects trading to begin Friday on the Nasdaq Global Market under the ticker ADRX.
Keeping a long term perspective helps you preserve gains and pursue future opportunity. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
