Adagio Therapeutics, a Phase 2/3 biotech developing antibody therapies for COVID-19 and other infectious diseases, announced terms for its IPO on Monday.
The Waltham, MA-based company plans to raise $301 million by offering 17.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Adagio Therapeutics would command a fully diluted market value of $2.0 billion.
Adagio Therapeutics' lead program, ADG20, is being developed for the treatment and prevention of SARS-CoV-2 and its variants. The company claims that unlike other antibody-based therapies specifically targeting SARS-CoV-2, ADG20 has demonstrated an ability to neutralize SARS-CoV-2 in non-clinical studies, including variants of concern, as well as a broad range of SARS-like viruses. ADG20 has completed enrollment for a first-in-human Phase 1 trial (treatment) in healthy volunteers for the treatment of COVID-19, and it is currently in a Phase 2/3 global trial (prevention) designed to provide a path to applying for EUA and/or filing a BLA for marketing approval in 2022. The company's portfolio of antibodies was discovered by Adimab.
Adagio Therapeutics was founded in 2020 and plans to list on the Nasdaq under the symbol ADGI. Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of August 2, 2021.
