Clinical-stage biotechnology company Parabilis Medicines has set terms for a $450 million initial public offering in the United States.
The firm, which focuses on developing engineered peptide therapies for cancer, has established a price range of $17 to $19 per share for its upcoming listing.
By offering 25 million shares, the Massachusetts-based company aims to raise approximately $450 million in capital.
At the midpoint of this proposed range, Parabilis would command a market valuation of around $2.6 billion.
The company is advancing treatments that target proteins historically considered "undruggable."
Formerly operating as FOG Pharmaceuticals, Parabilis leverages its proprietary Helicon platform to create stabilized helical peptides designed to modulate intracellular protein-protein interactions beyond the reach of conventional small molecules or biologics.
Its lead candidate, zolucatetide, targets the Wnt/β-catenin pathway implicated in a wide array of solid tumors, with over 150 patients having received the therapy to date.
In a clinical trial for desmoid tumors, 38 patients have been enrolled for treatment with zolucatetide.
Among 25 patients with sufficient follow-up for efficacy assessment, all 25 demonstrated tumor shrinkage.
Furthermore, 14 out of 19 patients who completed two post-baseline scans achieved an objective response as per RECIST 1.1 criteria.
The company plans to initiate a pivotal Phase 3 registration trial for desmoid tumors in the first half of 2027.
Parabilis is also evaluating zolucatetide's potential for treating familial adenomatous polyposis, an orphan disease.
Backed by major financial institutions including Fidelity and RA Capital, the company has secured nearly $1 billion through private funding rounds, with over $300 million raised in a Series F round this past January.
Founded in 2015, Parabilis intends to list on the Nasdaq under the ticker symbol "PBLS."
Leerink Partners, BofA Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital are acting as joint book-running managers for the offering.
The IPO is expected to be priced during the week of June 8, 2026.
As a clinical-stage biotech, the company's growth strategy is centered on future commercialization revenue post-approval, expansion into new indications, development of its platform pipeline, and strategic partnerships.
The rationale for the public offering is threefold: to advance zolucatetide through late-stage clinical trials, broaden the application of the Helicon platform to other undruggable targets, and realize platform value through collaborations with larger pharmaceutical companies.
For instance, Parabilis has already entered a strategic partnership with Regeneron Pharmaceuticals Inc to combine the Helicon peptide platform with Regeneron's antibody expertise for developing novel Antibody-Helicon Conjugates.