On June 10, Parabilis Medicines surged 49.15% in regular trading, trading at $29.90/share with trading volume of approximately $102 million. The stock made its public market debut after pricing its IPO at $20 per share, well above the initial guidance range of $17-$19.

The company completed an upsized IPO, issuing 33.5 million shares and raising approximately $670 million. Subscription demand reached roughly 10 times the available shares prior to the upsizing. Concurrently, Regeneron Pharmaceuticals agreed to purchase approximately $75 million worth of Parabilis stock at $18 per share, bringing total proceeds to nearly $745 million. Based on the IPO price, the company's market capitalization stands at approximately $2.4 billion.

Parabilis Medicines, founded in 2015, is a clinical-stage biopharmaceutical company focused on developing engineered peptide therapies for multiple cancers and rare tumors. The IPO proceeds will be used to advance its lead candidate zolucatetide into later-stage clinical trials. As of fiscal year-end, the company reported a net loss of $145.9 million and cash of $27.7 million.

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