Parabilis Medicines set a new U.S. biotech IPO record by pricing its offering and raising gross proceeds of $770.5 million after an upsized launch. The company entered Nasdaq trading at the high end of its targeted pricing range and saw an initial surge before volatility over subsequent sessions. The final proceeds reflect underwriter option exercise and an increased share count, bringing total gross proceeds well above earlier benchmarks for biopharma listings. Parabilis is developing tumor-focused drugs and antibody-drug conjugates built around stabilized helical peptides, with Helicons representing a core platform claim. Analysts framed Parabilis’s path as longer and less linear than some peers that accumulated private capital before going public. The record debut signals continued investor appetite for platform and clinical-risk stories even amid uneven macro conditions.