January 8, 2026: Next, we review biotech deals in the U.S. market for 2025.

Today we start with AbbVie. AbbVie’s spin-off from Abbott—the company known for baby formula—was relatively late, with the separation only fully completed in 2013. AbbVie’s headquarters are in Chicago; even during strong market conditions, hiring talent remains challenging. It maintains a small branch in Massachusetts focused primarily on antibody-drug conjugates (ADCs). Key deals it struck this year include: 1. March 3, 2025: AbbVie/Cubra — $350M upfront. This deal relates to obesity drugs and involves acquiring GUB014295, an amylin mimic currently in Phase I. AbbVie is thus entering the obesity drug space—but Novo Nordisk and Eli Lilly’s amylin mimics are already well advanced in clinical development. Cubra is a Danish company specializing in mimics of various proteins. 2. May 14, 2025: AbbVie/ADARx — $355M upfront. An early-stage R&D deal focused on siRNA-related research, with no disease-area restrictions. ADARx’s founding team hails from Arrowhead Pharmaceuticals and consists entirely of Chinese scientists with outstanding academic credentials. The company was founded in 2019 and has raised modest funding so far. 3. June 10, 2025: AbbVie/IGI — $700M upfront. AbbVie acquired ISB2001, a tri-specific antibody recently completing Phase I, for oncology indications. IGI’s predecessor was a generic drug company. A side note: the antibody field truly lacks technical depth. Next, Roche/Genentech: Genentech, founded in the U.S., was the first biotech company—and has long enjoyed stellar reputation. Prior to Roche’s 2009 acquisition, Roche maintained a U.S. R&D team in New Jersey; after the acquisition, it eliminated that entire team. Genentech’s biologics division hires principal investigators (PIs) to standards comparable to those of the top 20 U.S. universities; its chemistry division was initially less prestigious but became highly selective following Roche’s acquisition. Key deals by Roche/Genentech this year include: 1. May 21, 2025: Genentech/Orionis Biosciences — $105M upfront. An early-stage R&D deal targeting molecular glues for oncology, without disclosure of specific targets. Orionis was founded in 2015 with unremarkable fundraising history—but its Head of Chemistry boasts an exceptionally impressive academic background.

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A recent surge in Hong Kong IPO applications by domestic innovative pharmaceutical companies has re-emerged, with Dizal Pharmaceuticals, Pule Pharmaceuticals, and NuoLing Biotech among those submitting applications in quick succession. Notably, most of these enterprises remain in the early commercialization stage and have yet to achieve profitability—facing stringent market tests. Take Dizal Pharmaceuticals as an example: although its revenue is growing rapidly and its core assets’ global value has been validated, high R&D investment continues to drive sustained losses; strategically, the company has shifted focus toward commercial value realization. Pule Pharmaceuticals generates virtually no revenue; while its first antimicrobial peptide drug has received approval, its other lead candidates remain in early R&D stages and are unlikely to contribute meaningfully to near-term performance. Similarly, NuoLing Biotech remains unprofitable despite revenue growth, with net income still negative. This trend signals that pre-profitability biotech firms are collectively attempting to clear the Hong Kong listing hurdle—shifting their core challenge from pure R&D innovation to the continuous conversion of foundational innovation into stable, global commercial value. Capital markets are now placing higher demands on their commercialization capabilities. 4. Twelve Key Projects in the Pharmaceutical and Health Industry Announced The 2026 International Biopharmaceutical Industry Innovation Beijing Forum unveiled twelve key projects in the pharmaceutical and health industry, eight of which will be located in Beijing Economic-Technological Development Area (BDA). These high-caliber projects span innovative drug fields—including UCB’s China Medical Innovation Center, Concordia’s R&D base, Hansoh Pharmaceutical’s wholly owned subsidiary, and Junshi Biosciences’ strategic headquarters—as well as high-end medical device and service sectors, such as Zimmer Biomet’s first Asia-Pacific Innovation Center and IQVIA’s Joint Center for Data and AI. Several projects carry ‘first-in-Asia-Pacific’ or ‘first-in-China’ designations. Most are situated within the International Pharmaceutical Innovation Park—a hub hosting nearly 550 enterprises—aiming to reinforce Beijing’s role as a global innovation collaboration nexus. Additionally, the forum disclosed progress on the national AI application pilot base for healthcare: since its launch in 2025, it has engaged over 500 medical institutions. The implementation of these projects will continue amplifying industrial agglomeration effects, refining the full industrial chain—from innovative drugs to high-end equipment—and supporting Beijing’s ambition to become a globally influential biopharmaceutical industry cluster, further enhancing regional industrial ecosystem collaboration and international atmosphere. 5. $8.1 Billion BD Backing Fuels IPO Bid by Nucleic Acid Startup Founded by Peking University and Tsinghua University Alumni In September 2026, ADARx—a nucleic acid startup founded by scientists with backgrounds from Peking University and Tsinghua University—officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), aiming for a Nasdaq IPO. Its co-founders, Dr. Zhen Li and Dr. Rui Zhu, previously worked together at Arrowhead Pharmaceuticals and deeply understand that delivery systems represent the critical bottleneck for RNAi therapies to expand beyond the liver. ADARx is committed to pushing technological boundaries—specifically focusing on innovations in extrahepatic delivery. It currently holds multiple proprietary pipeline candidates already in clinical development. Last May, the company entered a landmark collaboration with AbbVie, securing an upfront payment of $335 million and a potential total transaction value exceeding $8.1 billion. Under this agreement, both parties will jointly develop novel targets across neurology, immunology, and oncology—though the collaboration excludes ADARx’s core proprietary pipeline. Backed by its unique expertise in extrahepatic delivery and support from renowned investors including Orbimed and Lilly Asia Ventures, ADARx is tackling therapeutic challenges in historically underserved ‘no-man’s-land’ tissues—including the heart, skeletal muscle, and central nervous system—expanding the reach of nucleic acid therapeutics beyond liver-targeted applications. This demonstrates substantial commercial potential and promising technological prospects.

ADARx Pharmaceuticals raises $446.3 million in upsized US IPO

Sep 25, 2026

ADARx Pharmaceuticals secured $446.3 million in an upsized US IPO, with AbbVie investing up to $100 million in a concurrent private placement. The San Diego-based developer plans to advance its lead candidate, onvuzosiran, for hereditary angioedema treatment.

reuters

2026-09-25

ADARx Pharmaceuticals raises $446.3 million in upsized US IPO

ADARx Pharmaceuticals raises $446.3 million in upsized US IPO

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