Reuters: IPOX® Associate Muehlbauer Comments on Parabilis Medicines’ Upsized US IPO

Reuters reported that Parabilis Medicines is targeting a valuation of up to nearly $2.3 billion in its upsized U.S. IPO. The Cambridge, Massachusetts-based biotech company is now marketing 33.3 million shares at $17 to $19 each, up from its earlier plan to sell 25 million shares.

IPOX® Associate Lukas Muehlbauer was quoted in the article, providing context on the improved biotech IPO environment and the selectivity still shaping investor demand. Reuters noted that biotech IPO activity has strengthened following a choppy 2025, supported by recent listings such as Kailera and Veradermics.

Parabilis, formerly known as Fog Pharmaceuticals, is developing treatments for cancers and tumors. The company has raised more than $800 million from investors including ARCH Venture Partners, Fidelity Investments, GV and RA Capital, and recently entered into a partnership with Regeneron Pharmaceuticals that could include up to $2.2 billion in milestone payments.

“The upsize is another strong signal that the biotech IPO pipeline is much healthier than it was last year. Still, aftermarket performance has been skewed towards the larger, better-backed deals, meaning investors are willing to fund biotech again, but they are being selective,” IPOX® Research Associate Lukas Muehlbauer told Reuters.

“Parabilis stands out by bringing a lot of credibility to the table with the Regeneron partnership, externally validating the company’s technology,” Muehlbauer said.

Read the full article on Reuters: Parabilis Medicines targets $2.3 billion valuation in upsized US IPO