Parabilis prices IPO at an ambitious $475 million
Parabilis Medicines has revealed the financial details behind its recently announced IPO, hoping to raise up to $475 million in what would be among the biggest debuts for a biotech on the Nasdaq this year.
The company is hoping to sell 25 million shares in the offering, priced between $17 and $19 apiece, giving it a range of $425 to $475 million, and most biotech IPOs that have closed in 2026 have come in at the top end of their ranges.
At that range, it would come in behind the $625 million raised by obesity drug developer Kailera Therapeutics, which closed in April, but ahead of AI specialist Generate Biomedicines ($400 million) and Eikon Therapeutics ($381 million), and add to what is shaping up to be a bumper year for biotech IPOs.
Cambridge, Massachusetts-based Parabilis is developing a portfolio of medicines based on a drug discovery platform that generates stabilised alpha-helical peptides (Helicons) that can penetrate into cells and engage with intracellular targets, including those that have proved intractable even with small-molecule drugs.
The IPO will raise additional funds for the company as it prepares to start a phase 3 trial of its lead drug zolucatetide (FOG-001), a beta-catenin inhibitor, which is being developed for desmoid tumours – rare, non-cancerous growths that develop in the body's connective tissues and have limited treatment options.
The drug targets the Wnt/beta-catenin pathway that has been implicated in a broad swathe of tumour types, including colorectal cancer and hepatocellular carcinoma.
In clinical trials to date, zolucatetide has shown efficacy in reducing the size of desmoid tumours, as well as polyps, in the follow-up indication of familial adenomatous polyposis (FAP), a rare inherited disorder that leads to colorectal cancer if left untreated. Parabilis is planning to start a phase 3 trial in desmoid tumours in the first half of next year.
According to Parabilis, the IPO will run alongside a private placement of $75 million in shares that will be bought by Regeneron, part of a $2.3 billion partnership announced by the two companies in May that also included an upfront payment of $50 million.
The Regeneron alliance covers the use of Helicons as standalone therapies and as the payload for antibody-drug conjugates across multiple therapeutic areas. It was signed shortly after Parabilis raised $305 million in a private financing that closed in January and took the total raised by the biotech to date to almost $1 billion.
The biotech plans to list on the Nasdaq under the PBLS symbol.
