ADARx completes full greenshoe exercise, raising over $600 million including private placement
ADARx Pharmaceuticals announced that its underwriters exercised the full greenshoe option, purchasing an additional 3,937,500 shares at $17 each. The IPO now totals 30,187,500 shares and generated about $513.2 million in gross proceeds. A concurrent private placement with AbbVie added 5,255,542 shares at the same price, bringing total gross proceeds to roughly $602.5 million. The offering was managed by J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital.
Why it matters
The company’s cash balance will increase by approximately $602.5 million, providing funding for its siRNA pipeline and collaborations. Investors will see a larger float and potentially higher liquidity for ADRX shares.
Key facts
- 1Underwriters purchased an additional 3,937,500 shares at $17.00 per share. globenewswire.com
- 2Total shares sold in the IPO reached 30,187,500. globenewswire.com
- 3Gross proceeds from the IPO were about $513.2 million before expenses. globenewswire.com
- 4AbbVie bought 5,255,542 shares in a private placement at $17.00 per share. globenewswire.com
- 5Combined gross proceeds from the IPO and private placement were approximately $602.5 million. globenewswire.com
- 6J.P. Morgan, Morgan Stanley, TD Cowen, UBS Investment Bank and LifeSci Capital acted as book‑running managers. globenewswire.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.