Parabilis Medicines’ IPO has lived up to the hype—securing $670 million for the largest listing in the sector’s history.
The cancer biotech, formerly known as FogPharma, has offered 33.5 million shares priced at $20 apiece. This brings today's gross proceeds to a record-breaking $670 million, according to a company release. There’s an opportunity for Parabilis to boost this by a further $100 million should underwriters fully take up their option to buy an additional 5 million shares at the same price.
The upsized offering overshot not only the biotech’s original IPO expectations of $476 million in net proceeds, but also a revamped plan earlier this week for a $553 million offering.
Parabilis is due to list on the Nasdaq under the ticker “PBLS” this morning. The headline-grabbing IPO comes just two months after obesity-focused Kailera Therapeutics broke new ground for biotechs with a $625 million offering.
Parabilis has already set out how it plans to spend its IPO haul, with $150 million earmarked to develop its Wnt/β-catenin pathway inhibitor zolucatetide for desmoid tumors. Desmoid tumors are rare noncancerous growths that form in connective tissue. Zolucatetide snagged a fast-track designation from the FDA for the indication in November 2025 and Parabilis is now looking at launching a phase 3 trial in this indication.
Another $120 million has been earmarked to continue the phase 1 trials of zolucatetide in the rare genetic condition familial adenomatous polyposis, the liver cancer hepatocellular carcinoma, and other solid tumors that harbor Wnt pathway-activating mutations.
Then there’s the $190 million that Parabilis is now planning to spend to advance its other assets into the clinic, including ERG, AR, and ß-catenin degraders.
The company, which oversees 145 full-time employees along with 31 full-time consultants, is led by CEO Mathai Mammen, M.D., Ph.D., former global head of R&D at Johnson & Johnson. Mammen told Fierce Biotech in an interview back in January that his vision is to grow Parabilis into a “big, important company.”
“I want to be a company that does research, development, manufactures and commercializes products,” the CEO said at the time.
The biotech's strategy has been enough to secure regular infusions of investor cash, including a $107 million series C back in 2021, followed by a $178 million D round in 2022, a $145 million series E in 2024 and a $305 million series F to kick off this year.
The biotech’s platform consists of a novel type of drug called helicon peptides, which are designed to cling to targets long thought to be undruggable. Earlier this year, Parabilis also secured a $50 million upfront payment and $75 million equity investment from Regeneron as part of a deal that would see the pharma not only explore the use of Parabilis’ helicons as standalone therapies but also conjugate them with the U.S. pharma’s own antibodies.
After a drought of IPOs last year, Parabilis’ $670 million offering is the latest evidence of a renewed appetite on the public markets for drug developers. The company is following in the footsteps of the likes of Kailera, Seaport Therapeutics, Hemab Therapeutics, Odyssey Therapeutics and Generate:Biomedicines.