ADARx Pharmaceuticals is seeking a valuation of up to $1.74 billion in a U.S. initial public offering, targeting proceeds of up to $371.9 million from 21.9 million shares priced at $15 to $17 each. AbbVie has agreed to invest up to $100 million in a concurrent private placement, which would give it roughly a 4.9% stake after the IPO. AbbVie paid ADARx $335 million in May 2025 for a research collaboration. Founded in 2019, the San Diego-based company develops RNA-based medicines for rare diseases involving immune, kidney, cardiovascular and neurological systems. Three programs are in clinical testing and two are in advanced preclinical development. Its leading candidate, onvuzosiran, is in late-stage testing for hereditary angioedema. The offering comes as higher Treasury yields and interest rates pressure new listings, although biotech IPO activity has improved from year-ago levels. Analysts say the reopening remains selective, favoring companies with later-stage assets, upcoming catalysts and exposure to areas including obesity and oncology. ADARx plans to list on Nasdaq under the symbol ADRX.