BUZZ-ADARx Pharmaceuticals to launch Nasdaq IPO with an increased valuation of $446.3 million, expected to open higher

September 25 - ** Drug developer ADARx Pharmaceuticals (ADRX.O), which is in the late stages of research and development, is expected to see its Nasdaq debut open above its IPO price after increasing the size of its U.S. initial public offering (IPO) to $446.3 million.

** The stock recently indicated an opening price of $23 per share, while the IPO was priced at $17 per share.

** Headquartered in San Diego, ADRX focuses on developing RNA drugs targeting rare diseases. In the upsized IPO, it sold about 26.3 million shares (link). Previously, the company had planned (link) to issue about 21.9 million shares at a price range of $15 to $17 per share.

** In addition, pharmaceutical company AbbVie (ABBV.N) has indicated its intention to subscribe to $100 million worth of shares in a concurrent private placement.

** JPMorgan, Morgan Stanley, TD Cowen, and UBS Investment Bank acted as joint bookrunners for the offering.

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