{"id":39230,"date":"2026-06-11T09:19:11","date_gmt":"2026-06-11T09:19:11","guid":{"rendered":"https:\/\/www.europesays.com\/news\/39230\/"},"modified":"2026-06-11T09:19:11","modified_gmt":"2026-06-11T09:19:11","slug":"parabilis-upsized-670m-ipo-breaks-new-for-record-for-biotechs","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/news\/39230\/","title":{"rendered":"Parabilis\u2019 upsized $670M IPO breaks new for record for biotechs"},"content":{"rendered":"

Parabilis Medicines\u2019 IPO has lived up to the hype\u2014securing $670 million<\/a> for the largest listing in the sector\u2019s history.<\/p>\n

The cancer biotech, formerly known<\/a> as FogPharma, has offered 33.5 million shares priced at $20 apiece. This brings today’s gross proceeds to a record-breaking $670 million, according to a company release. There\u2019s an opportunity for Parabilis to boost this by a further $100 million should underwriters fully take up their option to buy an additional 5 million shares at the same price.<\/p>\n

The upsized offering overshot not only the biotech\u2019s original IPO expectations of $476 million in net proceeds, but also a revamped plan<\/a> earlier this week for a $553 million offering.<\/p>\n

Parabilis is due to list on the Nasdaq under the ticker \u201cPBLS\u201d this morning. The headline-grabbing IPO comes just two months after obesity-focused Kailera Therapeutics broke new ground for biotechs with a $625 million offering<\/a>.<\/p>\n

Parabilis has already set out how it plans to spend its IPO haul, with $150 million earmarked to develop its Wnt\/\u03b2-catenin pathway inhibitor zolucatetide\u00a0for desmoid tumors. Desmoid tumors are\u00a0rare noncancerous growths<\/a>\u00a0that form in connective tissue. Zolucatetide\u00a0snagged a fast-track designation<\/a>\u00a0from the FDA for the indication in November 2025 and Parabilis is now looking at launching a phase 3 trial in this indication.<\/p>\n

Another $120 million has been earmarked to continue the phase 1 trials of zolucatetide in the rare genetic condition familial adenomatous polyposis, the liver cancer hepatocellular carcinoma, and other solid tumors that harbor Wnt pathway-activating mutations.<\/p>\n

Then there\u2019s the $190 million that Parabilis is now planning to spend<\/a> to advance its other assets into the clinic, including ERG, AR, and \u00df-catenin degraders.<\/p>\n

The company, which oversees 145 full-time employees along with 31 full-time consultants, is led by CEO Mathai Mammen, M.D., Ph.D., former global head of R&D at Johnson & Johnson. Mammen told Fierce Biotech in an interview back in January that his vision is to grow Parabilis into a \u201cbig, important company.\u201d<\/p>\n

\u201cI want to be a company that does research, development, manufactures and commercializes products,\u201d the CEO said at the time.\u00a0<\/p>\n

The biotech’s strategy has been enough to secure regular infusions of investor cash, including\u00a0a\u00a0$107 million<\/a>\u00a0series C back in 2021, followed by a\u00a0$178 million<\/a>\u00a0D round\u00a0in 2022, a\u00a0$145 million<\/a>\u00a0series E in 2024 and a\u00a0$305 million series F<\/a>\u00a0to kick off this year.<\/p>\n

The biotech\u2019s platform consists of a novel type of drug called helicon peptides, which are designed to cling to targets long thought to be undruggable. Earlier this year, Parabilis also secured a $50 million upfront payment and $75 million equity investment\u00a0from Regeneron<\/a>\u00a0as part of a deal that would see the pharma not only explore the use of Parabilis\u2019 helicons as standalone therapies but also conjugate them with the U.S. pharma\u2019s own antibodies.<\/p>\n

After a drought of IPOs last year, Parabilis\u2019 $670 million offering is the latest evidence of a renewed appetite on the public markets for drug developers. The company is following in the footsteps of the likes of Kailera, Seaport Therapeutics<\/a>, Hemab Therapeutics,\u00a0Odyssey Therapeutics<\/a>\u00a0and\u00a0Generate:Biomedicines<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Parabilis Medicines\u2019 IPO has lived up to the hype\u2014securing $670 million for the largest listing in the sector\u2019s…\n","protected":false},"author":2,"featured_media":39231,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[10437,22672,22674,8,2833,22673,9,22671,7],"class_list":["post-39230","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-biotech","tag-biotech-ipo","tag-fierce-biotech-homepage","tag-headlines","tag-ipo","tag-mathai-mammen","tag-news","tag-parabilis-medicines","tag-top-stories"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@news\/116730734985388516","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/posts\/39230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/comments?post=39230"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/posts\/39230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/media\/39231"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/media?parent=39230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/categories?post=39230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/news\/wp-json\/wp\/v2\/tags?post=39230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}