San Diego based Adarx is developing medicines that dial gene activity up or down to tackle a range of conditions. IPO funds are earmarked for five small interfering RNA drug candidates spanning clinical and preclinical stages, including completing a mid stage Phase 2 program for a therapy in rare kidney disorders and other indications. The approach targets disease at the gene level without making permanent changes to a person's DNA or genome.
Abbvie's 2023 deal with Adarx covers programs in neuroscience, immunology and oncology, starting with a $335 million upfront payment and milestone paths that could add several billion dollars more. Major holders include OrbiMed Advisors, LAV, Chief Executive Officer Zhen Li and SR One, with OrbiMed owning 31% before the offering. In 2023, Bain Capital Life Sciences and TCGX co-led a $200 million Series C that brought in new investors BlackRock Inc., Invus, Marshall Wace and T. Rowe Price Group Inc.
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JPMorgan Chase & Co., Morgan Stanley, Toronto-Dominion Bank, UBS Group AG and LifeSci Capital are leading the offering. Adarx expects to list on the Nasdaq Global Market under the ticker ADRX. For everyday investors watching the space, the setup is clear enough: a mid stage program to complete, a big pharma partner already engaged and a cap table stacked with specialist healthcare funds.
