Parabilis Medicines claims record VC-backed biotech IPO with $670 million raise
The listing on the Nasdaq Global Select Market surpasses previous benchmarks set by Kailera Therapeutics, driven by clinical progress in its lead candidate zolucatetide.
Parabilis Medicines has completed its initial public offering on the Nasdaq Global Select Market, raising approximately $670 million in gross proceeds. The cancer biotech company, formerly known as FogPharma, priced its shares at $20, with the stock closing at $31.60 on its first day of trading. This performance represents a 58% increase from the IPO price, establishing Parabilis as the largest venture-capital-backed biotech IPO to date.
The transaction follows a $305 million Series F funding round raised in January 2026. Parabilis’ path to the public markets was notably non-linear compared to recent peers. Founded as FogPharma in 2017, the company underwent a rebrand, experienced leadership turnover, and navigated the post-pandemic biotech funding downturn. It secured six venture rounds prior to this listing, contrasting with Kailera Therapeutics, which was formed in 2024 and rapidly accumulated private capital before going public.
The offering is underpinned by zolucatetide, Parabilis’ lead drug candidate. This engineered peptide is designed to inhibit faulty signals that drive the growth of certain rare tumours, with potential applications in other cancers. The drug received FDA Fast Track designation in late 2025 and subsequently secured Orphan Drug designation, providing regulatory tailwinds for the company’s development pipeline.
Market dynamics for biotech listings have shifted significantly. According to Ben Zercher, a Senior Analyst at PitchBook covering biotech and pharma, the current IPO window is open for a backlog of strong companies that continued development during the funding downturn. Unlike pandemic-era deals that often relied on preclinical promises, current offerings like Parabilis are supported by tangible clinical programs.
Parabilis has also established a collaboration with Regeneron to further support its commercial and development efforts. The successful debut signals a return of investor confidence in biotech firms with established clinical data, distinguishing the sector’s current trajectory from the speculative nature of previous market cycles.
