Parabilis Medicines set a new Wall Street biotech IPO record by pricing its offering at $20 per share and raising $770.5 million in gross proceeds, according to IPO coverage. The company’s upsized debut followed an order book that pushed it above its initial $17–$19 range. Parabilis closed the first full trading day at $31.60 after a sharp first-day jump, then saw profit-taking and further declines over the subsequent sessions of the week. Underwriters exercised an option for additional shares, boosting total proceeds. The Cambridge, Massachusetts-based company develops drugs and antibody-drug conjugates targeting historically undruggable protein targets using stabilized helical peptides (Helicons). The IPO highlights renewed market appetite for platform-heavy therapeutic developers. For the sector, the listing extends a run of large biotech IPOs and signals continued investor openness to riskier, early-to-commercial platform bets even amid ongoing macro uncertainty.