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Chinese cancer biotech Adagene files for a $125 million US IPO

January 19, 2021

Adagene, a Phase 1 biotech developing antibody cancer immunotherapies in China, filed on Tuesday with the SEC to raise up to $125 million in an initial public offering.

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.

The Suzhou, China-based company 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. No pricing terms were disclosed.