Parabilis completes $770M IPO as Kardigan lines up in queue: Public Equity Report

While the enormous offering by Space Exploration Technologies Corp. (NASDAQ:SPCX) grabbed headlines this week, investors still poured plenty of cash into biotech, with large follow-ons complementing the largest IPO in the sector’s history.

Parabilis Medicines Inc. (NASDAQ:PBLS) said late Thursday that its underwriters had exercised their overallotment option in full, closing its IPO at $770.5 million. With that, the developer of conformationally stabilized peptides against difficult-to-modulate targets has now raised more than the $718.8 million raised in April by Kailera Therapeutics Inc. (NASDAQ:KLRA) in the previous high-water mark for a pure-play biopharma IPO. Parabilis finished the week up 36% to $27.26...