Parabilis Medicines completed an IPO with a $770.5 million closing after underwriters fully exercised their overallotment option, capping a major week for public-market fundraising in biotech, according to a public equity report. The listing follows an earlier $625 million Kailera Therapeutics IPO that briefly held the industry record for pure-play biopharma. The move suggests risk appetite is returning for clinical-stage, platform-driven biotechs—despite ongoing macro uncertainty and uneven regulatory leadership. It also signals that investors are willing to underwrite differentiated pipeline themes when valuation gaps narrow. Separate coverage notes the sector’s shift from IPO drought to a “glut” dynamic, tying the surge to redeployed venture and Big Pharma capital accumulated during leaner years—now finding outlets through listings and acquisitions.