Sept 21 (Reuters) - ADARx Pharmaceuticals is targeting a valuation of up to $1.74 billion in its US initial public offering, the company developing RNA drugs said on Monday.
The company is aiming to raise up to $371.9 million by offering 21.9 million shares priced between $15 and $17.
A sharp rise in Treasury yields and higher interest rates, which kept some prospective issuers on the sidelines, have not slowed the biotech sector.
Drug developers Retension Pharmaceuticals and TRex Bio filed for their
listings on Friday, while Electra Therapeutics debuted after raising $350 million in an upsized IPO.
ADARx develops experimental RNA-based drugs for rare immune, kidney, cardiovascular and neurological diseases. RNA, short for ribonucleic acid, is a genetic molecule found in all cells.
Three of its programs are in clinical testing and two in advanced preclinical development.
Its most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder that causes sudden swelling attacks.
The San Diego, California-based ADARx plans to use part of the IPO proceeds to fund late-stage trials and further research.
Drugmaker AbbVie has agreed to invest up to $100 million in a concurrent private placement that would give it a roughly 4.9% stake in ADARx following the IPO, ADARx said.
J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital are the underwriters for the offering.
It plans to list its shares on Nasdaq under the symbol "ADRX."
(Reporting by Pragyan Kalita in Bengaluru; Editing by Joyjeet Das and Sahal Muhammed)
