NVIDIA-BACKED IAMBIC FILES FOR U.S. IPO HOURS AFTER ANNOUNCING ABBVIE AI DRUG DISCOVERY DEAL AI drug discovery company Iambic Therapeutics filed for a U.S. IPO Monday afternoon, just hours after announcing a multi-year collaboration with AbbVie $ABBV. The AbbVie partnership will use Iambic’s AI platform to develop small-molecule drugs across immunology, neuroscience and oncology. Its Enchant v3 model is trained across more than 6,000 molecular properties. Nvidia is already a major pre-IPO shareholder, holding about 9.6M Iambic shares before the offering. Nvidia has backed Iambic since at least 2024. J.P. Morgan, Jefferies, BofA Securities and Citigroup are leading the offering. No IPO size, price range or valuation has been disclosed yet.

ADARX PHARMACEUTICALS TARGETS $1.74B VALUATION IN U.S. IPO RNA drug developer ADARx Pharmaceuticals plans to sell 21.875M shares at $15-$17 each, raising up to $371.9M and valuing the company at as much as $1.74B. AbbVie will separately purchase about 5.01M shares in a concurrent private placement, giving it roughly a 4.9% stake after the IPO. ADARx is developing next-generation siRNA drugs, with five wholly owned programs spanning hereditary angioedema, complement diseases, stroke prevention, obesity and neurodegenerative diseases. Its most advanced drug, onvuzosiran, is currently in Phase 3 for hereditary angioedema, with topline data expected by the end of 2027. The FDA granted the program Fast Track status in August. At the $16 midpoint, ADARx expects roughly $397M in combined net proceeds from the IPO and AbbVie placement, with the largest allocations planned for: • $180M for agazisiran and its complement-disease programs • $80M for stroke candidate ADX-626 • $65M for Phase 3 onvuzosiran • $25M for obesity program ADX-077 • $20M for neurodegeneration program ADX-199 The company says the proceeds, together with existing cash and investments, should fund operations into 2030. ADARx plans to list on Nasdaq under $ADRX. Source: SEC filing, Reuters

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