ADARx Pharmaceuticals closes IPO and AbbVie private placement

ADARx Pharmaceuticals, Inc. closed its initial public offering on September 28, 2026, according to an 8-K filed with the SEC. The company sold 26,250,000 shares of common stock at $17.00 per share to the public.¹ Before underwriting discounts, commissions and estimated offering costs are subtracted, the IPO generated gross proceeds of approximately $446.3 million for the company.¹

Alongside the public offering, ADARx completed a private placement with AbbVie Inc. Under a Common Stock Purchase Agreement signed September 13, 2026, AbbVie agreed to buy enough shares to hold about 4.9% of ADARx's outstanding common stock after the IPO and private placement closed, priced at the IPO's public offering price, with a cap of $100.0 million.¹ At the $17.00 IPO price, AbbVie ended up purchasing 5,255,542 shares.¹ That private placement closed at the same time as the IPO, on September 28, 2026.¹ Gross proceeds from the private placement, before placement agent fees and related expenses, came to about $89.3 million.¹

Five firms handled the private placement on ADARx's behalf. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, UBS Securities LLC and LifeSci Capital LLC served as placement agents, earning a fee equal to 2.0% of the total purchase price for shares sold in that placement.¹

The stock sold to AbbVie was not registered under securities law. It was issued under an exemption in Section 4(a)(2) of the Securities Act, with AbbVie representing itself as an accredited investor acquiring the shares for investment rather than resale.¹

Separately, in connection with the IPO closing, ADARx filed an amended and restated certificate of incorporation with Delaware's Secretary of State on September 28, 2026,¹ and also adopted restated bylaws effective the same date.