ADARx Pharmaceuticals priced an upsized initial public offering at $446.3 million, adding momentum to 2026’s IPO pipeline for RNA-focused therapeutics. The company began trading on Nasdaq under the ticker “ADRX” after selling more than 26 million shares at $17 per share, the top end of its $15–$17 range. ADARx also secured additional support through a private stock sale to partner AbbVie, totaling roughly $89 million, on top of an earlier $335 million upfront deal to codevelop therapies across neurological, immune and cancer indications. The company’s lead program, onvuzosiran, is in late-stage testing for hereditary angioedema, with early results showing up to 93% reduction in plasma kallikrein. The market impact is twofold: it validates investor appetite for RNA interference platforms beyond liver-only delivery targets and highlights the growing role of large strategic partners in underwriting clinical risk during public-market launches.