Parabilis Medicines is hoping to raise $475m in an initial public offering (IPO) as it set its sights on the Nasdaq exchange.
The proposed IPO will see Parabilis offer 25,000,000 shares at $18 per unit, which could see the company raise up to $413.6m from the original offering, or $476.4m if underwriters choose to buy all of the additional 3,750,000 shares up for grabs. Parabilis will trade under the ticker ‘PBLS’.
Pharmaceutical giant Regeneron, which recently signed a multi-billion-dollar drug development deal with Parabilis, could become one of the first to buy a portion of the biotech’s stock.
As the biotech targets its stock market debut, it has already agreed to pass over a portion of its stock to partner Regeneron – offering 4,629,629, or $75m of its shares at a 10% discount.
Once Parabilis has secured the funds from this IPO, the biotech plans to use $150m to take its first-in-class β-catenin inhibitor, zolucatetide, to a registrational Phase III study in desmoid tumours, while continuing dose expansion in the ongoing studies involving the drug.
With zolucatetide, Parabilis looks to venture into the desmoid tumour market currently dominated by Merck KGaA-owned SpringWorks Therapeutics’ Ogsiveo (nirogacestat), which became the first treatment to secure US regulatory approval in this indication in 2023.
As Parabilis is weighing zolucatetide’s potential outside of desmoid tumours, the biotech will also pour $120m into progressing the drug in several other rare cancer indications, while supporting dose escalation and expansion efforts in its studies evaluating the drug in hepatocellular carcinoma (HCC) and rare genetic disorder, familial adenomatous polyposis (FAP).
While a large chunk of the proceeds will be dedicated to zolucatetide, the company is also allocating $130m to push its other candidates into early-stage clinical trials – including its ERG, ARON, and ß-catenin degraders. The remainder of the funds will allow Parabilis to further evolve its flagship Helicon platform.
US IPOs heat up
As Parabilis eyes its debut on the Nasdaq, it joins a burgeoning list of biotechs looking to secure a spot on the public market in 2026, with listing activity seeing a notable uptick year-on-year (YoY).
According to GlobalData’s Pharmaceutical Intelligence Center, the number of biotechs to announce an IPO was more than 80% higher in Q1 2026 compared with the same period in 2025.
This momentum seems to be translating into Q2, with Kailera Therapeutics making history in April by securing one of the largest IPOs in the sector’s history, valued at $625m.
Most recently, cardiology-focused biotech, Kardigan, also debuted plans to secure a place on the Nasdaq.
