ADARx Fully Exercises Underwriters' Option, IPO Proceeds Reach $513M
ADRX is trading near its 52-week low of $18.5 (5.8% above the low).
Summary
ADARx Pharmaceuticals announced the full exercise of the underwriters' option to purchase an additional 3,937,500 shares at $17.00, bringing total IPO shares to 30,187,500 and aggregate gross proceeds to approximately $513.2 million. Including AbbVie's concurrent private placement, total gross proceeds reach approximately $602.5 million. This follows the upsized IPO priced on September 25 and closed on September 28, with strong insider buying at the IPO price. The full exercise of the option signals robust demand and provides additional capital for the company's late-stage siRNA pipeline.
At the time of this announcement, ADRX was trading at $19.57 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2B. The 52-week trading range was $18.50 to $23.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.