Pharmaceutical Executive Daily: Parabilis Medicines Prices Record-Breaking $670 Million IPO

Welcome to Pharmaceutical Executive Daily, your quick briefing on the top news shaping the pharmaceutical and life sciences industry.

In today's Pharmaceutical Executive Daily, Parabilis Medicines prices a record-breaking $670 million IPO, Swedish biotech AlzeCure Pharma enters a collaboration and out-licensing agreement with Eli Lilly for its Alzheimer's candidate, and FDA approves an every-eight-week maintenance dosing regimen for Eli Lilly's Ebglyss.

Parabilis Medicines priced its upsized initial public offering of 33.5 million shares at $20 per share, above the top of its range and the result of two separate upsizings in a single day, raising $670 million in gross proceeds in what is believed to be the largest IPO in the history of venture-backed biotechnology, surpassing Kailera Therapeutics' $625 million offering just two months ago. Parabilis, which trades on Nasdaq today under the ticker PBLS, also closed a concurrent private placement of approximately $75 million with Regeneron Pharmaceuticals at $18 per share, tied to a separate research collaboration, bringing total proceeds to approximately $745 million before expenses.

AlzeCure Pharma has entered a collaboration and out-licensing agreement with Eli Lilly granting Lilly global rights to ACD680, AlzeCure's lead Alzstatin platform candidate, a gamma-secretase modulator designed to reduce production of the harmful amyloid-beta 42 protein that forms the building blocks of amyloid plaques in Alzheimer's disease, while simultaneously increasing production of shorter, benign amyloid-beta variants that may further limit plaque aggregation. AlzeCure will receive a $10 million upfront payment, tiered mid-single digit royalties on sales, and development and commercial milestone payments that could bring total deal value, excluding royalties, to more than $1 billion.

Finally, FDA has approved an every-eight-week maintenance dosing regimen for Ebglyss, in adults and adolescents 12 years and older weighing at least 40 kilograms with moderate to severe atopic dermatitis, supported by longitudinal exposure-response modeling and 32-week clinical data from the Phase III ADjoin extension trial showing no new safety signals and no discontinuations due to adverse events. The new regimen follows a 500 milligram loading phase and 250 milligram every-two-week induction period, after which eligible patients can transition to once-every-eight-week maintenance.

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