Parabilis Medicines has raised $670 million in an IPO, setting a new benchmark for biotech listings on Nasdaq and giving the clinical-stage company additional capital to advance its stabilized helical peptide platform and cancer pipeline.
The Massachusetts-based company sold 33.5 million shares of common stock at $20 per share and began trading on the Nasdaq Global Select Market under the ticker PBLS on June 10. Underwriters have a 30-day option to buy a further 5,025,000 shares at the IPO price, less underwriting discounts and commissions.
Parabilis also agreed to sell 4,166,666 shares to Regeneron Pharmaceuticals in a concurrent private placement at $18 per share, or 90 percent of the IPO price. The private placement is expected to bring in approximately $75 million and is conditional on the IPO closing.
Together, the IPO and private placement are expected to generate roughly $745 million in gross proceeds before underwriting discounts, commissions, and other offering expenses, excluding any exercise of the underwriters’ option.
Parabilis, formerly known as FogPharma, is developing Helicons – stabilized helical peptides designed to bind and modulate protein targets that have historically been difficult to drug with conventional small molecules or biologics. Its lead program, zolucatetide, targets beta-catenin in the Wnt/beta-catenin pathway and is being developed for desmoid tumors, familial adenomatous polyposis, hepatocellular carcinoma, and other solid tumors with Wnt pathway-activating mutations.
In earlier regulatory filings and investor materials, the company said proceeds would support clinical development of zolucatetide, further work in additional indications, advancement of other pipeline programs, continued development of the Helicon platform, and general corporate purposes.
The financing also follows a broader collaboration with Regeneron, announced before the IPO filing, focused on applying Parabilis’ Helicon platform to additional targets. The equity investment attached to the IPO gives Regeneron a direct financial stake in the company as Parabilis enters the public markets.
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