Adagio Therapeutics, a Phase 2/3 biotech developing antibody therapies to treat and prevent COVID-19, raised $309 million by offering 18.2 million shares at $17, within the range of $16 to $18. The company offered 0.5 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol ADGI. Morgan Stanley, Jefferies, Stifel, and Guggenheim Securities acted as joint bookrunners on the deal.
