RNA interference specialist ADARx Pharmaceuticals priced a $446.3 million initial public offering and began trading on Nasdaq under the ticker ADRX, after also securing additional investment from partner AbbVie. The company sold more than 26 million shares at $17, at the top end of its stated range, and raised roughly $89 million via a private stock sale to AbbVie. ADARx positions its RNAi approach as designed to overcome delivery and potency constraints that have historically limited RNAi drugs’ reach. Its lead program, onvuzosiran, is in late-stage testing for hereditary angioedema, with early Phase 3 data cited showing plasma kallikrein reductions of up to 93%. A key development for the sector is AbbVie’s continued role as a strategic co-developer: the deal included a prior $335 million upfront partnership for multiple therapeutic areas. ADARx also highlighted a pipeline beyond the liver, including agazisiran across kidney disease, geographic atrophy and paroxysmal nocturnal hemoglobinuria. The IPO adds fresh capital to the RNA medicines category as clinical readouts increasingly determine whether newer RNAi delivery platforms can broaden beyond hepatically targeted mechanisms.