topstockalerts
Sep 25, 2:00 AM
ADARx Pharmaceuticals priced its IPO of 26.25 million common shares at
$17 per share, valuing the offering at approximately
$446.3 million in gross proceeds before underwriting discounts, commissions and other expenses. The San Diego-based clinical-stage biotechnology company is expected to begin trading on the Nasdaq Global Select Market on Sept. 25 under the ticker ADRX, with the offering scheduled to close on Sept. 28.
Underwriters also have a 30-day option to purchase up to 3.9375 million additional shares at the IPO price. Separately, AbbVie has agreed to purchase ADARx shares in a concurrent private placement at
$17 per share, with the investment capped at
$100 million.
Combined gross proceeds from the IPO and private placement are expected to reach approximately
$535.2 million, excluding any exercise of the underwriters’ option. J.P. Morgan, Morgan Stanley, TD Cowen and UBS Investment Bank are serving as lead book-running managers, with LifeSci Capital as bookrunner.
$MS $ABBV
