Cancer peptide therapy newcomer Parabilis sets an over-the-range pricing for its IPO, receiving 10 times oversubscription and ultimately raising $745 million

According to the Zhitong Finance APP, Parabilis Medicines, a U.S. biotechnology company focused on cancer treatment, has completed a scaled-up IPO on the U.S. stock market, pricing its shares above the proposed range and raising nearly $745 million in total, including a concurrent private placement.

The company stated on Tuesday that the IPO issued 33.5 million shares at a price of $20 per share, raising approximately $670 million. Earlier on Tuesday, the company had increased the offering size and raised the proposed range from $17–19 to a pricing of $20.

The statement also indicated that, concurrently with the IPO, Regeneron Pharma agreed to purchase approximately $75 million (about 4.17 million shares) of Parabilis stock at a price of $18 per share. According to regulatory documents, Regeneron had previously announced a research collaboration with Parabilis in May, paying a $50 million upfront fee and committing to purchase its stock in Parabilis's next equity financing.

Based on the IPO pricing, the biotechnology company has a market capitalization of approximately $2.4 billion, calculated using the circulating shares listed in the documents. Before the size increase on Tuesday, the IPO subscription demand had reached about 10 times the available shares.

Documents show that as of the end of fiscal year 2025, Parabilis had a net loss of $145.9 million, with cash and cash equivalents of $27.7 million; the previous fiscal year had a net loss of $117.9 million, with cash of $47.3 million.

Founded in 2015, Parabilis focuses on developing treatment solutions for various cancers and rare tumors. The company plans to use the funds raised from the IPO to advance its leading candidate drug zolucatetide into later-stage clinical trials.

The book-running for this issuance includes Leerink Partners, Bank of America, Evercore, Guggenheim Securities, and LifeSci Capital. The company's stock is expected to be listed on the NASDAQ Global Market under the ticker PBLS.

This emerging clinical-stage biotechnology company focused on cancer treatment is still in the clinical phase, with its core growth path not based on existing drug sales revenue, but rather on future commercialization revenue after drug approvals, indication expansions, platform pipeline development, and external collaboration licensing. Its IPO financing logic revolves around three points: advancing zolucatetide into late-stage clinical trials, expanding the Helicon platform's application in "undruggable" targets, and realizing platform value through collaborations with large pharmaceutical companies; for example, the company has reached a strategic partnership with Regeneron to combine the Helicon peptide platform with Regeneron's antibody capabilities to develop novel Antibody-Helicon™ Conjugates.

In its main indication clinical trial for desmoplastic fibroma, 38 patients have been enrolled and treated with zolucatetide; among the 25 patients who were adequately followed up and had evaluable efficacy responses, all 25 (100%) showed tumor shrinkage, and among the 19 patients who completed two baseline scans, 14 (74%) achieved objective response according to RECIST 1.1 criteria The company plans to launch a Phase 3 registration clinical trial for hard fiber tumors in the first half of 2027. The company is also evaluating the potential of zolucatetide as a treatment option for the orphan disease familial adenomatous polyposis (FAP).

Parabilis has previously received support from Wall Street financial giants Fidelity and RA Capital, having raised nearly $1 billion through private financing, with the most recent round being over $300 million raised in the Series F financing in January