The cancer therapy developer priced 33.5 million shares at $20 each, surpassing its revised $553m target amid strong investor demand.
Parabilis Medicines completed the largest biotech IPO on record, raising $670m by selling 33.5 million shares at $20 each. The Massachusetts-based company, listed on Nasdaq under ticker PBLS, initially targeted $476m but revised its goal to $553m earlier this week due to high investor interest. Proceeds could increase by $100m if underwriters exercise an option to purchase an additional 5 million shares.
The IPO reflects a broader trend of upsized public listings in the biotech sector. Parabilis specializes in stabilized helical peptides, or Helicons, designed to target proteins previously considered undruggable. Its lead candidate, zolucatetide, aims to disrupt a signaling pathway linked to cancer progression, with early data showing promise in tumor reduction.
Shares began trading on 10 June, marking a milestone for the company and the sector. The record-setting raise underscores robust demand for innovative oncology therapies despite broader market volatility.