The cancer peptide therapy star Parabilis (PBLS.US) priced its IPO above the range and received 10 times oversubscription, ultimately raising $745 million.

Focus on cancer treatment, the American biotechnology company Parabilis Medicines completed an upsize U.S. IPO, with the offering price set above the recommended range, combined with simultaneous private placements, raising a total of nearly $745 million. The company stated on Tuesday that the IPO was priced at $20 per share for 33.5 million shares, raising approximately $670 million. Prior to that, the company had increased the offering size earlier on Tuesday and priced it at $20 per share, up from the previously recommended range of $17-$19. The statement also indicated that, at the time of the IPO, Regeneron Pharmaceuticals had agreed to purchase nearly $75 million worth (approximately 4.17 million shares) of Parabilis stock at a price of $18 per share. According to regulatory filings, Regeneron had previously announced a research collaboration with Parabilis in May, paying an initial payment of $50 million and committing to purchase its stock in the next equity financing. Based on the IPO pricing, with the listed shares in the filings, the biotechnology company is valued at approximately $2.4 billion. Before the upsize on Tuesday, the IPO subscription demand had already reached around 10 times the available shares. The filings also show that as of the end of the 2025 fiscal year, Parabilis had a net loss of $145.9 million, with cash and cash equivalents of $27.7 million; the previous fiscal year had a net loss of $117.9 million, with cash of $47.3 million. Established in 2015, Parabilis focuses on developing treatment options for various cancers and rare tumors. The company plans to use the funds raised from the IPO to advance its leading candidate drug zolucatetide into later-stage clinical trials. The underwriters for this issuance include Leerink Partners, Bank of America, Evercore, Guggenheim Securities, and LifeSci Capital. The company's stock is expected to be listed on the Nasdaq Global Market under the ticker symbol PBLS. This emerging biotechnology company, focusing on cancer treatment, is still in the clinical stage and its core growth path is not existing drug sales revenue but future commercialization revenue, expansion of indications, platform pipeline development, and external collaboration agreements. The logic behind its IPO funding mainly revolves around three points: advancing late-stage clinical trials of zolucatetide, expanding the application of the Helicon platform in "undruggable" targets, and realizing platform value through partnerships with large pharmaceutical companies; for example, the company has already formed a strategic partnership with Regeneron, combining the Helicon peptide platform with Regeneron's antibody capabilities to develop new Antibody-Helicon Conjugates. In its primary clinical trial for desmoid tumors, 38 patients have been enrolled and treated with zolucatetide; out of the 25 patients who were sufficiently followed up and had assessable efficacy responses, all 25 (100%) showed tumor shrinkage, and out of the 19 patients who completed two baseline scans, 14 (74%) achieved objective responses according to RECIST 1.1 criteria. The company plans to initiate a Phase 3 registration clinical trial for desmoid tumors in the first half of 2027. The company is also evaluating the potential of zolucatetide as a treatment for hereditary familial adenomatous polyposis (FAP) syndrome. Parabilis has previously received support from Wall Street financial giants Fidelity and RA Capital, raising nearly $1 billion through private financing, with the most recent being over $300 million in a Series F financing in January.