Parabilis Medicines priced its initial public offering at $20 per share on Tuesday, raising $670 million in what Fierce Biotech called the largest IPO in biotech history.
The Cambridge, Massachusetts-based biotech priced 33.5 million shares at $20 each, topping the $625 million raised by Kailera Therapeutics in April
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Parabilis Medicines priced its initial public offering at $20 per share on Tuesday, raising $670 million in what Fierce Biotech called the largest IPO in biotech history.
A total of 33.5 million shares were sold in the offering, with trading on the Nasdaq $NDAQ Global Select Market under the ticker symbol "PBLS" set to begin Wednesday. The offering priced above the $17-to-$19 range Parabilis had marketed earlier this week, the company said. Underwriters also hold a 30-day option to purchase an additional 5,025,000 shares at the IPO price, which could add roughly $100 million to the total raised.
In a concurrent private placement tied to the offering, Regeneron $REGN Pharmaceuticals purchased 4.17 million shares priced at $18 apiece, contributing roughly $75 million to the total. The share purchase stems from a partnership Bloomberg traced to an agreement reached between the two firms in May. Combined, the IPO and private placement raise nearly $745 million.
Parabilis, formerly known as Fog Pharmaceuticals, was co-founded in 2015 and develops a drug class it calls helicon peptides, which are engineered to bind protein targets that have been difficult to address with conventional medicines, the company said. Its pipeline is focused on cancers and rare tumors, according to Reuters.
To date, more than 150 patients have received doses of zolucatetide, the company's leading candidate, which is currently in trials spanning multiple solid tumor types, Reuters reported. According to Fierce Biotech, the company has designated $150 million for a push toward a phase 3 trial of zolucatetide in desmoid tumors — rare noncancerous growths of connective tissue — while an additional $120 million will fund ongoing phase 1 work across other tumor indications.
Until now, obesity drug developer Kailera Therapeutics held the record for the largest biotech IPO after pulling in $625 million in April, a mark Parabilis has now eclipsed, according to Fierce Biotech. Based on outstanding shares in its filing, the company's valuation comes to roughly $2.4 billion at the $20 offering price.
The underwriting syndicate includes Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital, the company said. The IPO is expected to close on or about June 11, 2026.
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