Parabilis targets $745 million in record-setting biotech IPO

10 June 2026

US biotech Parabilis Medicines (Nasdaq: PBLS) is set to raise $745 million from a blockbuster initial public offering and concurrent private placement, in what appears to be the largest biotech IPO on record.

The Cambridge, Massachusetts-based cancer drug developer sold 33.5 million shares at $20 each, raising $670 million from the IPO alone. The price came in above its proposed range of $17 to $19 per share, after Parabilis had already upsized the offering.

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