Drugmaker Parabilis Soars 67% After $745 Million IPO, Placement

Parabilis Medicines Inc. shares jumped as much as 67% in its trading debut, after the company raised nearly $745 million in an upsized US initial public offering that priced above its marketed range and a private placement.

The clinical-stage cancer drug developer shares opened at $33.35 each, above its IPO price of $20 apiece. The Cambridge, Massachusetts-based had marketed 33.3 million shares for $17 to $19 each after increasing the size of the deal Tuesday. The trading gives Parabilis a market value of about $4 billion, based on the outstanding shares.

Alongside the IPO, Regeneron Pharmaceuticals Inc. agreed to buy 4.17 million worth of Parabilis’ shares at $18 each, the statement shows, to raise nearly $75 million. Regeneron previously announced a research collaboration with Parabilis in May, giving it $50 million in an upfront payment and pledging to buy stock in its next equity offering, according to its filings.

The IPO attracted demand for about 10 times the available shares prior to Tuesday’s upsize, Bloomberg News has reported.

Founded in 2015, Parabilis is developing therapies to treat patients with various cancers and rare tumors. The biopharmaceutical firm plans to use proceeds to advance zolucatetide, its most advanced drug candidate, to later stage trials.

Mathai Mammen, Parabilis’ Chief Executive Officer and Johnson & Johnson alum, said the capital will help accelerate development of a new category of medicine to treat cancers and diseases considered undruggable.

“Many cancers don’t have adequate treatments because the proteins that are causing that cancer are undruggable,” he said in an interview. “Our whole company’s purpose is to introduce a form of peptides as a mechanism to go forward and drug these proteins that cause cancer.”

Parabilis incurred a net loss of $145.9 million for the year ended in 2025 with cash and cash equivalents of $27.7 million, compared with a net loss of $117.9 million for the year prior and cash of $47.3 million, according to the filing.

The offering was led by Leerink Partners, Bank of America Corp., Evercore Inc., Guggenheim Securities and LifeSci Capital. The shares trade on the Nasdaq Global Market under the symbol PBLS.

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