Adagene Inc. Announces Pricing of Initial Public Offering
February 09 2021 - 9:00AM
Adagene Inc. ("Adagene" or the "Company") (Nasdaq: ADAG), a
platform-driven, clinical-stage biopharmaceutical company committed
to transforming the discovery and development of novel
antibody-based cancer immunotherapies, today announced that it has
priced its initial public offering (the "IPO") of 7,354,000
American depositary shares ("ADSs"), at US$19.00 per
ADS. The aggregate offering size of the IPO is
approximately US$140.0 million, assuming the underwriters
do not exercise their over-allotment option to purchase any
additional ADSs. Each ADS represents one and one quarter (1.25)
ordinary shares of the Company. The ADSs are expected to begin
trading on the Nasdaq Global Market on February 9, 2021 under the
ticker symbol "ADAG." The IPO is expected to close on February
11, 2021, subject to customary closing conditions.
The Company has granted the underwriters an option, exercisable
for 30 days from the date of the final prospectus, to purchase up
to an aggregate of 1,103,100 additional ADSs to cover
over-allotments.
Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC and
Jefferies LLC are acting as the joint bookrunners of the offering
and representatives of the underwriters. China Renaissance
Securities (Hong Kong) Limited is acting as co-manager of the
offering.
A registration statement related to these securities has been
filed with, and declared effective by, the SEC. This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
This offering is being made only by means of a prospectus
forming part of the effective registration statement. A copy of the
final prospectus relating to the offering may be obtained, when
available, by contacting the following underwriters: (1) Goldman
& Co L.L.C., Address: Prospectus Department, 200 West Street,
New York, NY 10282-2198, by telephone at +1 (866) 471-2526 ; (2)
Morgan Stanley & Co. LLC, Address: Prospectus Dept., 180 Varick
Street, 2nd floor, New York, New York 10014, by telephone at +1
(866) 718-1649 and (3) Jefferies LLC, Address: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY
10022, by telephone at (877) 547-6340.
About Adagene Inc.
Adagene Inc. is a platform-driven, clinical-stage
biopharmaceutical company committed to transforming the discovery
and development of novel antibody-based cancer immunotherapies.
Adagene combines computational biology and artificial intelligence
to design novel antibodies that address unmet patient needs. Its
proprietary pipeline is comprised of novel immunotherapy programs.
Adagene has forged strategic collaborations with reputable global
partners that leverage its technology in multiple approaches at the
vanguard of science.
For more information, please
visit: https://investor.adagene.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any duty to update such information, except as
required under applicable law.
For investor and media inquiries, please
contact:
Investors Contact:Raymond
TamAdagene86-8777-3626Raymond_tam@adagene.com
business@adagene.com
Media Contact:Annie Starr6
Degrees973-768-2170astarr@6degreespr.com
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