Parabilis’ IPO surged to $670 million, the largest listing in the biotech sector’s history, as the company formerly known as FogPharma prepares to fund clinical programs including zolucatetide. The offering priced 33.5 million shares at $20, with plans that could extend gross proceeds if underwriters take additional shares. Zolucatetide received a fast-track designation from the FDA for desmoid tumors in November 2025, and Parabilis is planning a Phase 3 trial. The proceeds are also earmarked to continue Phase 1 work across several genetically defined solid tumor indications. The IPO adds another signal that the public biotech window is open selectively for asset-backed stories with clear regulatory timing and category-defining targets.