Adagene, a Phase 1 biotech developing antibody cancer immunotherapies in China, announced terms for its US IPO on Wednesday.
The Suzhou, China-based company plans to raise $132 million by offering 7.4 million ADSs at a price range of $17 to $19. At the midpoint of the proposed range, Adagene would command a fully diluted market value of $831 million.
Adagene is a platform-driven, clinical-stage biopharmaceutical company involved in the discovery and development of novel antibody-based cancer immunotherapies. Its proprietary AI-Powered DPL platform explores the dynamic conformational diversity of protein sequences, and the flexible binding sites of antibody sequences in particular, as a new paradigm for antibody drug discovery. Adagene's most advanced NEObody product candidate, ADG106, is a fully human ligand-blocking agonistic anti-CD137 mAb currently being evaluated in Phase 1b trials in the US and China. ADG106 is designed to target a unique epitope of CD137 that is different from other anti-CD137 antibodies currently under clinical development.
Adagene was founded in 2011 and booked $1 million in licensing revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol ADAG. Goldman Sachs (Asia), Morgan Stanley and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of February 8, 2021.
