Sept 25 (Reuters) - Shares of ADARx Pharmaceuticals rose 30% above their initial public offering price on Friday after the late-stage gene therapy developer raised $446.3 million in an upsized US initial public offering.
The shares opened at $22.10, above their IPO price of $17. The San Diego-based firm sold 26.3 million shares at the top end of its marketed range, compared to an earlier plan to sell 21.9 million shares.
Biotech has emerged as a bright spot in this year's IPO market, with a steady
flow of listings continuing into the fall as investors favor the sector's relative insulation from the Iran war and AI-driven disruption.
Drug developers City Therapeutics and Iambic Therapeutics filed for US IPOs this week, while Retension Pharmaceuticals and TRex Bio filed for listings last week.
Electra Therapeutics also raised $350 million in an upsized US IPO before making its market debut last Friday. Its shares have fallen about 21% since.
Founded in 2019, ADARx's experimental drugs target diseases related to immunity, kidney, cardiovascular and neurological systems.
The company's most advanced candidate, onvuzosiran, is in late-stage testing for hereditary angioedema, a rare genetic disorder that causes sudden swelling attacks.
Drugmaker AbbVie has agreed to invest up to $100 million in a concurrent private placement, which would give it a roughly 4.9% stake post-IPO, ADARx said.
J.P. Morgan, Morgan Stanley, TD Cowen, among others, are the underwriters for ADARx's offering.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Shreya Biswas)
