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ADARx Pharmaceuticals / Equity Capital Markets

<ul><li>September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .</li><li>The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .</li><li>The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.</li></ul>

September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.

ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening

US IPOs and Secondary Offerings, IPO Boutique

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US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>ADARx upsized its IPO to 26.3 million shares at $17.00, the high end of the range, opening at $22.10 for a 30% gain.</li>
<li>The offering was 10 times oversubscribed, with the top 25 accounts receiving 95% of shares and nearly 100 accounts receiving zero allocation.</li>
<li>Shares closed at $19.35 after reaching $23.21, highlighting persistent selling pressure despite strong demand and a constructive biotech IPO outcome.</li>
</ul>


ADARx upsized its IPO to 26.3 million shares at $17.00, the high end of the range, opening at $22.10 for a 30% gain.
The offering was 10 times oversubscribed, with the top 25 accounts receiving 95% of shares and nearly 100 accounts receiving zero allocation.
Shares closed at $19.35 after reaching $23.21, highlighting persistent selling pressure despite strong demand and a constructive biotech IPO outcome.


ADARx Pharmaceuticals (ADRX): Bio IPO Opens 30% Higher, but Selling Pressure Builds Into the Close

<ul><li>ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share.</li><li>At the $16.00 midpoint, the offering would raise $350.0 million and value the company at approximately $1.64 billion.</li><li>J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters.</li></ul>

ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share.At the $16.00 midpoint, the offering would raise $350.0 million and value the company at approximately $1.64 billion.J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are serving as underwriters.

ADARx Pharmaceuticals (ADRX) Seeks $350 Million IPO as AbbVie Deepens Its Bet on siRNA Pipeline

<ul>
<li>ADARx Pharmaceuticals presents a high-quality, late-stage biotechnology offering supported by a diversified siRNA platform, a Phase 3 lead program, approximately $427 million of existing cash and investments, and substantial strategic validation from AbbVie.</li>
<li>The transaction is being led by J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital, providing a strong healthcare-focused underwriting syndicate with broad institutional distribution.</li>
<li>AbbVie’s planned investment of up to $100 million in a concurrent private placement adds credibility to both the platform and valuation.</li>
</ul>


ADARx Pharmaceuticals presents a high-quality, late-stage biotechnology offering supported by a diversified siRNA platform, a Phase 3 lead program, approximately $427 million of existing cash and investments, and substantial strategic validation from AbbVie.
The transaction is being led by J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital, providing a strong healthcare-focused underwriting syndicate with broad institutional distribution.
AbbVie’s planned investment of up to $100 million in a concurrent private placement adds credibility to both the platform and valuation.


<ul>
<li>ADARx targets a $1.5–$1.7 billion valuation with a $15–$17 IPO range and 21.875 million shares offered.</li>
<li>AbbVie’s up to $100 million concurrent investment provides a strategic validation point alongside ADARx’s late-stage siRNA pipeline.</li>
<li>Proceeds will fund multiple clinical programs, led by Phase 3 onvuzosiran and Phase 2 agazisiran development.</li>
</ul>


ADARx targets a $1.5–$1.7 billion valuation with a $15–$17 IPO range and 21.875 million shares offered.
AbbVie’s up to $100 million concurrent investment provides a strategic validation point alongside ADARx’s late-stage siRNA pipeline.
Proceeds will fund multiple clinical programs, led by Phase 3 onvuzosiran and Phase 2 agazisiran development.


ADARx Pharmaceuticals (ADRX):  ADARx Sets Terms, Targets Up to $372m in IPO, AbbVie Alongside

United States

ADARx Pharmaceuticals, Inc. is a biotechnology company. The Company focuses on developing next-generation RNA therapeutics designed to treat a broad spectrum of diseases. ADARx Pharmaceuticals operates in the United States.

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ADARx Pharmaceuticals (ADRX US)

ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening

September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly...

IPO Prophet

ADARx Pharmaceuticals (ADRX): Bio IPO Opens 30% Higher, but Selling Pressure Builds Into the Close

ADARx delivered a strong biotech IPO, pricing an upsized deal at $17 and opening 30% higher, but heavy selling erased much of the early gain,...

IPO Boutique

ADARx Pharmaceuticals (ADRX) Seeks $350 Million IPO as AbbVie Deepens Its Bet on siRNA Pipeline

ADARx Pharmaceuticals, Inc. (ADRX) is preparing to sell 21.875 million shares of common stock on the Nasdaq Global Select Market at an expected...

IPO Prophet

IPO Rating: ADARx Pharmaceuticals Inc.

✓ IPO Prophet Rating: 7.83/10 🏦 Deal Quality & Underwriters: 8.60/10 ADARx Pharmaceuticals presents a high-quality, late-stage biotechnology...

IPO Prophet

ADARx Pharmaceuticals (ADRX): ADARx Sets Terms, Targets Up to $372m in IPO, AbbVie Alongside

DARx brings a late-stage siRNA pipeline, a major AbbVie investment and multiple shots on goal into a biotech IPO window that needs a strong debut.

IPO Boutique

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