BUZZ-ADARx Pharmaceuticals surged on its Nasdaq debut, raising $446.3 million in IPO.

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September 25 - ** Late-stage drug developer ADARx Pharmaceuticals (stock code: ADRX.O) saw its share price soar as much as 36.5% on its first day of trading on Nasdaq, after the company expanded its initial public offering (IPO) to $446.3 million

**The opening price was $22.10 per share , higher than the IPO issue price of $17

** Headquartered in San Diego, ADARx Pharmaceuticals focuses on developing RNA drugs for rare diseases. In the upsized IPO (link), the company sold approximately 26.3 million shares; previously, the company (link) planned to offer about 21.9 million shares at $15 to $17 per share

** In addition, pharmaceutical company AbbVie ABBV.N has indicated its intention to subscribe for $100 million worth of shares in a private placement conducted concurrently

** JPMorgan, Morgan Stanley, TD Cowen, and UBS Investment Bank served as joint bookrunners for the offering

** ADRX competitor City Therapeutics (link) also filed for a US IPO on Thursday, further filling the biotech pipeline during the fall IPO window

** “If ADARx performs well, I expect City will have no trouble finding buyers,” said Matt Kennedy, senior strategist at Renaissance Capital, a firm specializing in IPO research and ETFs

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