Covington Represents Underwriters in Parabilis Medicines’ Record-Breaking, Upsized $770M IPO

NEW YORK—Covington advised the underwriting syndicate for Parabilis Medicines, Inc., led by Leerink Partners and BofA Securities, in its sale of 38,525,000 shares of common stock. The offering, which included the full exercise of the underwriters’ option, was priced at $20.00 per share and generated over $770 million in gross proceeds, setting a record for the largest-ever biotech IPO.

At the time of the IPO, Parabilis also completed a concurrent $75 million private placement to Regeneron Pharmaceuticals, Inc.

Parabilis common stock began trading on the Nasdaq Global Select Market on June 10, 2026 under the ticker symbol “PBLS”.

Parabilis is a clinical-stage biopharmaceutical company built to develop transformative medicines addressing some of the most consequential, yet historically undruggable, protein targets driving human disease. Parabilis leverages its proprietary platform to pioneer a novel therapeutic modality, Helicons™, which are stabilized helical peptides engineered to bind and precisely modulate proteins that have long been beyond the reach of conventional medicines.