Adarx Pharmaceuticals shares began trading on Nasdaq at $22.10 per share, marking a 30% increase over the initial public offering price of $17.00. This strong debut follows the company's upsized IPO which raised approximately $446.3 million in gross proceeds.

The late-stage biotechnology company priced its offering of 26,250,000 shares at $17.00 per share prior to the market open on September 25, 2026. The transaction is expected to close on September 28, 2026, subject to customary closing conditions. J.P. Morgan, Morgan Stanley, TD Cowen and UBS Investment Bank serve as lead book-running managers, while LifeSci Capital acts as a book-running manager.

Full exercise of underwriters' option

In a subsequent announcement on October 1, 2026, Adarx confirmed that the underwriters fully exercised their option to purchase an additional 3,937,500 shares at $17.00 per share. The issuance of these additional shares closed on October 1, 2026. This exercise brings the total number of shares sold in the initial public offering to 30,187,500 shares. Consequently, the aggregate gross proceeds from the offering alone rose to approximately $513.2 million, before deducting underwriting discounts and commissions.

Strategic investment from AbbVie

In a concurrent private placement, AbbVie has agreed to purchase shares of Adarx common stock at the same price of $17.00 per share. This purchase will result in AbbVie owning approximately 4.9% of Adarx’s outstanding shares following the closing. The agreement caps AbbVie’s investment at $100.0 million. This private placement is contingent upon the consummation of the initial public offering, though the IPO itself does not depend on the private placement.

Including the purchase by AbbVie of 5,255,542 shares at $17.00 per share, the aggregate gross proceeds to Adarx from the initial public offering and the concurrent private placement were approximately $602.5 million. This figure is before deducting underwriting discounts and commissions, placement agent fees, and other offering and private placement expenses payable by Adarx.

Offering details and proceeds

The combined capital raise reflects the final tally after the over-allotment exercise. Underwriters retained a 30-day option to purchase up to an additional 3,937,500 shares at the public offering price, less discounts and commissions, which has now been fully utilized.

What the numbers show

The inclusion of AbbVie as a cornerstone investor provides immediate validation of Adarx’s siRNA therapeutic pipeline. With AbbVie set to hold a 4.9% stake and a prior collaboration license option agreement in place, the company secures both significant capital and strategic alignment with a major pharmaceutical player. The final capital raise of $602.5 million, excluding expenses, represents a substantial funding event for a pre-commercial biotech firm, covering the gap between clinical development and potential commercialization costs. The opening trade price of $22.10 signals strong investor appetite, valuing the company significantly higher than its pricing level.