Parabilis Medicines priced an upsized IPO at $20 per share, raising $670 million and positioning the company for what would be the largest Nasdaq debut by a pure-play biopharma. The oncology-focused developer sold 33.5 million shares and also announced a concurrent private placement with Regeneron. Proceeds are earmarked to advance lead program zolucatetide (FOG-001) across multiple solid-tumor settings, including a planned Phase 3 run in desmoid tumors, along with earlier-stage programs emerging from its Helicon platform. The financing also highlights how 2026 market momentum is concentrating on well-capitalized, clinical-stage oncology names. If underwriters exercise their option, total proceeds could rise further, reinforcing the sector’s current appetite for platforms with clear near-term regulatory and clinical timelines rather than preclinical-only bets.