Adarx, a rising star in RNA, has submitted its application for an IPO in the US, backed by Obor and Bain Capital.

Adarx Pharmaceuticals Inc. has applied for an IPO in the United States to help fund the development of a pipeline of drugs that treat various diseases by regulating gene expression. According to documents the company submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, it plans to use the funds raised from the IPO to advance five small interfering RNA (siRNA) drugs that are in clinical or preclinical stages, including completing a Phase 2 clinical trial for a drug aimed at treating 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, the pharmaceutical company AbbVie made an upfront payment of $335 million to Adarx. If Adarx meets drug milestone targets in areas such as neuroscience, immunology, and oncology, it could receive billions of dollars in additional payments in the future. According to the documents, Adarx's largest investors include the specialized healthcare investment firm OrbiMed Advisors, the Eli Lilly Asia Fund (LAV), CEO Zhen Li, and SR One. Prior to this offering, OrbiMed held a 31% stake in the company. According to a statement at the time, Bain Capital Life Sciences and TCGX led a $200 million Series C financing round in 2023, which included new investors like BlackRock, Invus, Marshall Wace, and T. Rowe Price Group Inc. The offering is being led by JPMorgan Chase, Morgan Stanley, Toronto-Dominion Bank, UBS Group, and LifeSci Capital. The company expects its stock to be listed on the NASDAQ Global Market under the ticker symbol ADRX.