Parabilis Medicines raises record $670 million in biotech IPO

Parabilis Medicines priced its archetypal nationalist offering astatine $20 per stock connected Tuesday, raising $670 cardinal successful what Fierce Biotech called the largest IPO successful biotech history.

A full of 33.5 cardinal shares were sold successful the offering, with trading connected the Nasdaq Global Select Market nether the ticker awesome "PBLS" acceptable to statesman Wednesday. The offering priced supra the $17-to-$19 scope Parabilis had marketed earlier this week, the institution said. Underwriters besides clasp a 30-day enactment to acquisition an further 5,025,000 shares astatine the IPO price, which could adhd astir $100 cardinal to the full raised.

In a concurrent backstage placement tied to the offering, Regeneron Pharmaceuticals purchased 4.17 cardinal shares priced astatine $18 apiece, contributing astir $75 cardinal to the total. The stock acquisition stems from a concern Bloomberg traced to an statement reached betwixt the 2 firms successful May. Combined, the IPO and backstage placement rise astir $745 million.

Parabilis, formerly known arsenic Fog Pharmaceuticals, was co-founded successful 2015 and develops a cause people it calls helicon peptides, which are engineered to hindrance macromolecule targets that person been hard to code with accepted medicines, the institution said. Its pipeline is focused connected cancers and uncommon tumors, according to Reuters.

To date, much than 150 patients person received doses of zolucatetide, the company's starring candidate, which is presently successful trials spanning aggregate coagulated tumor types, Reuters reported. According to Fierce Biotech, the institution has designated $150 cardinal for a propulsion toward a signifier 3 proceedings of zolucatetide successful desmoid tumors — uncommon noncancerous growths of connective insubstantial — portion an further $120 cardinal volition money ongoing signifier 1 enactment crossed different tumor indications.

Until now, obesity cause developer Kailera Therapeutics held the grounds for the largest biotech IPO aft pulling successful $625 cardinal successful April, a people Parabilis has present eclipsed, according to Fierce Biotech. Based connected outstanding shares successful its filing, the company's valuation comes to astir $2.4 cardinal astatine the $20 offering price.

The underwriting syndicate includes Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital, the institution said. The IPO is expected to adjacent connected oregon astir June 11, 2026.