Adlai Nortye, a Phase 3 biotech developing immunotherapies for various cancers, raised $58 million by offering 2.5 million ADSs at $23, as expected. A potential investor had indicated on $50 million worth of ADSs in the offering (87% of the deal), and the company had planned to raise an additional $40 million in a concurrent private placement to Nippon Kayaku.
Operating through subsidiaries in the US and China, Adlai Nortye focused on developing innovative cancer therapies for patients across the spectrum of tumor types. The company's pipeline contains six drug candidates, three of which are clinical-stage. Its lead candidate, AN2025, is a pan-phosphoinositide 3-kinase inhibitor that is designed to act against solid tumors. In-licensed from Novartis, AN2025 is currently undergoing a Phase 3 trial for recurrent or metastatic head and neck squamous cell carcinomas after disease progression with anti-PD-1/PD-L1 therapy. The company expects to enroll 483 patients in more than 180 sites across 18 jurisdictions, covering North America, Europe, Asia, and South America. Adlai Nortye expects to submit an NDA to the FDA seeking potential accelerated approval in the 2H24.
Adlai Nortye plans to list on the Nasdaq under the symbol ANL. Cantor Fitzgerald acted as sole bookrunner on the deal.
