Adarx, an emerging player in RNA, has submitted its application for IPO in the US, backed by Obo and Bain Capital.

Adarx Pharmaceuticals Inc. has filed for an IPO in the United States to help fund the development of a pipeline of drugs aimed at treating various diseases by modulating gene expression. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Friday, the company plans to use the funds raised from the IPO to advance five small interfering RNA (siRNA) drugs in clinical or preclinical stages, including completing a Phase 2 clinical trial for a drug intended to treat rare kidney and other diseases. The documents indicate that such therapies can address disease issues at the genetic level without altering the human genome or DNA. Last May, as part of a collaboration agreement, pharmaceutical company AbbVie paid Adarx a $335 million upfront fee. Should Adarx meet drug milestone targets in areas such as neuroscience, immunology, and oncology, it could receive billions of dollars in future payments. According to the filings, Adarx's largest investors include OrbiMed Advisors, LAV, CEO Zhen Li, and SR One. Prior to this offering, OrbiMed held a 31% stake in the company. According to a previous statement, Bain Capital Life Sciences and TCGX led a $200 million Series C financing round in 2023, bringing in new investors such as BlackRock, Invus, Marshall Wace, and T. Rowe Price Group Inc. This offering is led by JPMorgan Chase, Morgan Stanley, TD Securities, UBS Group, and LifeSci Capital. The company expects its shares to be listed on the Nasdaq Global Market under the ticker symbol ADRX.