Parabilis Medicines closed its IPO at $770.5 million, extending the record pace for biotech capital raising and solidifying its position as a publicly traded conformationally stabilized peptide developer. The company’s underwriters exercised the overallotment option in full, bringing the total proceeds above its initial deal size. The listing comes after Parabilis’ $670 million debut week reported earlier in the cycle, and it underscores how investors are currently rewarding peptide platforms in difficult-to-drug biology. Market participants will now turn to whether the company can translate the tumor-focused pipeline into near-term clinical catalysts that support continued valuation. For peers, the financing confirms that platform differentiation and clear development pathways are still strong requisites for attracting large-scale public funding in biotech.