ADARx sets $350 million IPO terms as AbbVie lines up a stake

ADARx Pharmaceuticals, a US biotech developing small interfering RNA (siRNA) medicines, has set the terms for a Nasdaq flotation that would raise around $350 million and give it a fully diluted market value of about $1.8 billion. The San Diego company plans to sell 21.9 million shares at $15 to $17 each and list under the symbol Nasdaq: ADRX.

AbbVie (NYSE: ABBV), the US pharma major already partnered with ADARx, has agreed to buy up to $100 million of stock through a concurrent private placement, worth roughly $80 million at the midpoint of the range. The purchase would leave AbbVie with about a 4.9% holding, anchoring demand ahead of pricing, which is expected this week.