Parabilis Medicines sets record with $670 million biotech IPO
Parabilis Medicines, a Massachusetts-based cancer biotech, raised $670 million in its June 10, 2026 IPO on the Nasdaq, the largest in biotech history. The company offered 33.5 million shares at $20 each, exceeding initial targets. Its lead candidate, zolucatetide, targets desmoid tumors with promising trial results. A concurrent $75 million private placement with Regeneron brought total proceeds to nearly $745 million. The IPO reflects strong investor appetite for biotech, following Kailera Therapeutics’ $625 million listing two months prior.
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Parabilis Medicines Becomes Largest VC-Backed Biotech IPO
Parabilis Medicines, a cancer biotech company, broke the record for the largest venture-backed biotech IPO, raising approximately $670 million. Shares closed their first trading day at $31.60, a 58% premium over the $20 IPO price. Founded as FogPharma in 2017, the company took a longer path to public markets compared to recent peers, navigating a rebrand, leadership changes, and the post-pandemic biotech downturn. Its lead drug candidate, zolucatetide, an engineered peptide designed to shut off faulty signals in rare tumors, gained FDA Fast Track designation in late 2025 and Orphan Drug status. A $305 million Series F round in January 2026 and a collaboration with Regeneron set the stage for the record IPO on the Nasdaq Global Select Market. The article notes that the current biotech IPO window reflects a backlog of strong companies with real clinical programs, unlike the preclinical promises of the pandemic-era class.
Yahoo FinanceParabilis Medicines Raises Record $670 Million in Biotech IPO
Parabilis Medicines, formerly Fog Pharmaceuticals, raised $670 million in its initial public offering on June 10, 2026, marking the largest biotech IPO in history. The company priced 33.5 million shares at $20 each, above its marketed range of $17 to $19. Trading begins on the Nasdaq under ticker 'PBLS'. A concurrent private placement with Regeneron Pharmaceuticals added $75 million, bringing total proceeds to nearly $745 million. Parabilis develops helicon peptides targeting hard-to-treat protein targets, focusing on cancers and rare tumors. Its lead candidate, zolucatetide, is in trials for multiple solid tumors. The company allocated $150 million for a phase 3 trial in desmoid tumors and $120 million for ongoing phase 1 studies. The IPO surpasses the previous record held by Kailera Therapeutics ($625 million in April 2026). The underwriting syndicate includes Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital.
Yahoo FinanceParabilis Medicines raises record $670 million in biotech IPO
Parabilis Medicines, formerly Fog Pharmaceuticals, raised $670 million in its initial public offering on Tuesday, pricing 33.5 million shares at $20 each, above the marketed range of $17-$19. The IPO is the largest in biotech history, surpassing Kailera Therapeutics' $625 million record from April. Trading on the Nasdaq Global Select Market under the ticker 'PBLS' begins Wednesday. In a concurrent private placement, Regeneron Pharmaceuticals purchased 4.17 million shares at $18 apiece, contributing $75 million, bringing total proceeds to nearly $745 million. The company develops helicon peptides targeting difficult protein targets, with lead candidate zolucatetide in trials for multiple solid tumors. Parabilis has allocated $150 million for a phase 3 trial in desmoid tumors and $120 million for ongoing phase 1 work. The underwriting syndicate includes Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital. The company's valuation is approximately $2.4 billion at the offering price.
Yahoo FinanceParabilis Medicines sets biotech record with $670m IPO
Parabilis Medicines, a US biotech specializing in cancer therapies, has completed the largest initial public offering (IPO) in biotech history, raising $670 million by offering 33.5 million shares at $20 each. The Massachusetts-based company, which listed on the Nasdaq under ticker PBLS on June 10, 2026, exceeded its initial $476 million target due to high investor demand. Parabilis is developing a novel peptide platform called 'Helicons' designed to target proteins previously considered undruggable. Its lead candidate, zolucatetide, targets the β-catenin signaling pathway and has shown a 74% objective response rate in desmoid tumor patients. The company recently entered a $2.3 billion collaboration with Regeneron Pharmaceuticals. Proceeds from the IPO will fund Phase III trials for zolucatetide, expand into other indications, and advance the Helicon platform. This record follows Kailera Therapeutics' $625m IPO two months earlier, indicating strong investor appetite for biotech listings.
Yahoo FinanceParabilis Medicines sets biotech record with $670m IPO
Parabilis Medicines, a US biotech specializing in cancer therapies, has raised $670 million in its initial public offering (IPO), the largest in biotech history. The Massachusetts-based company offered 33.5 million shares at $20 each on the Nasdaq under ticker PBLS. The IPO exceeded initial expectations of $476 million and a revised $553 million forecast. Parabilis is developing 'Helicons,' stabilized helical peptides that target proteins previously considered undruggable. Its lead candidate, zolucatetide, showed tumor reductions in 100% of patients and a 74% objective response rate in desmoid tumor trials. The company has a $2.3 billion collaboration with Regeneron Pharmaceuticals. Proceeds will fund Phase III trials for zolucatetide, expand into other indications, and advance its early-stage pipeline. The record IPO follows Kailera Therapeutics' $625m listing two months prior, indicating strong investor appetite for biotech.
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