Drugmaker Parabilis Raises $745 Million in US IPO, Placement

Parabilis Medicines Inc. raised approximately $745 million through a US initial public offering and a concurrent private placement that priced above its initial range. The clinical-stage biopharmaceutical company, focused on developing novel cancer therapies, saw its IPO price at $22 per share, exceeding the $19 to $21 range it had previously marketed. This offering included 25 million shares sold by the company and an additional 11.8 million shares sold by selling stockholders. The total gross proceeds from the IPO are expected to be around $550 million, with the private placement contributing an additional $195 million. Parabilis intends to use the net proceeds from these transactions to fund the ongoing clinical development of its lead drug candidate, PPL-003, for the treatment of various solid tumors, as well as for general corporate purposes and working capital. The company's lead asset is currently in Phase 2 trials for pancreatic cancer and has received Orphan Drug Designation from the U.S. Food and Drug Administration (FDA).