Adagene, a Phase 1 biotech developing antibody cancer immunotherapies in China, raised $140 million by offering 7.4 million ADSs at $19, the high end of the range of $17 to $19.
Adagene's 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 plans to list on the Nasdaq under the symbol ADAG. Goldman Sachs (Asia), Morgan Stanley and Jefferies acted as lead managers on the deal.
