Parabilis priced and closed the largest-ever IPO by a drug developer, raising $770.5 million in gross proceeds and establishing a new Wall Street record for the category. The company sold 33.5 million shares at $20 each (after an upsized offering), and shares initially jumped sharply after trading began. Parabilis describes itself as developing drugs and antibody-drug conjugates (ADCs) against historically undruggable protein targets using stabilized helical peptides (Helicons). The firm says it generated proprietary datasets across Helicons after a decade of discovery work. The IPO pricing above the marketed range underscores investor appetite for platforms that claim scalability, with analysts pointing to Parabilis’s longer, more linear path compared with faster-pegged peers.