Parabilis Sets Record With $670M Biotech IPO for Cancer Research
WHO:
Yahoo Finance - Parabilis Medicines, formerly known as FogPharma, is a cancer biotech company.
Fierce Biotech - CEO Mathai Mammen, M.D., Ph.D., is the leader of Parabilis.
WHAT:
Yahoo Finance - Parabilis Medicines' IPO is now the largest venture-backed biotech IPO, surpassing the previous record set by Kailera Therapeutics.
Bloomberg Markets - Parabilis raised nearly $745 million in its upsized initial public offering, which priced above its marketed range.
Yahoo Finance - Parabilis raised gross proceeds of around $670 million through its IPO.
Yahoo Finance - Shares closed their first day of trading at $31.60, which is 58% above the IPO price of $20 per share.
Fierce Biotech - Parabilis offered 33.5 million shares priced at $20 each.
Fierce Biotech - There is an opportunity for Parabilis to raise an additional $100 million if underwriters fully take up their option to buy an additional 5 million shares.
Fierce Biotech - The IPO overshot the original expectations of $476 million in net proceeds and a revised plan for a $553 million offering.
Fierce Biotech - Parabilis plans to allocate $150 million to develop zolucatetide for desmoid tumors, $120 million for phase 1 trials of zolucatetide in various cancers, and $190 million to advance other assets into the clinic.
WHERE:
Yahoo Finance - Parabilis debuted on the Nasdaq Global Select Market under the ticker “PBLS”.
WHEN:
Yahoo Finance - Parabilis received FDA Fast Track designation for zolucatetide in late 2025.
Fierce Biotech - Parabilis is looking to launch a phase 3 trial for zolucatetide in desmoid tumors.
WHY:
Yahoo Finance - The IPO reflects a renewed appetite in the public markets for drug developers after a downturn in biotech IPOs.
HOW:
Fierce Biotech - Parabilis has secured a $50 million upfront payment and a $75 million equity investment from Regeneron as part of a collaboration deal.
Yahoo Finance - Parabilis raised funds through multiple venture rounds, including a $305 million Series F round in January of the current year.
Fierce Biotech - Parabilis' platform includes helicon peptides designed to target previously undruggable areas, and they secured a $50 million upfront payment and $75 million equity investment from Regeneron for further development.
(UPDATED June 11, 2026 10:12 UTC)
Parabilis Medicines has made headlines by launching the largest venture-backed biotech IPO, raising nearly $745 million and surpassing the previous record held by Kailera Therapeutics. The company's initial public offering was priced above its marketed range, showcasing strong investor interest. Additionally, Parabilis has secured a $50 million upfront payment along with a $75 million equity investment from Regeneron as part of a collaboration deal.
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(UPDATED June 11, 2026 08:30 UTC)
Parabilis Medicines, a cancer biotech company formerly known as FogPharma, has successfully raised around $670 million through its IPO, significantly exceeding initial expectations. The company debuted on the Nasdaq Global Select Market under the ticker “PBLS,” with shares closing their first day of trading at $31.60, which is 58% above the IPO price of $20 per share. Parabilis plans to allocate funds to develop its drug zolucatetide for desmoid tumors and advance other assets into clinical trials, reflecting a renewed interest in biotech investments following a recent downturn.