Adagene Inc. Announces Closing of Initial Public Offering and Exercise of Underwriters' Over-Allotment Option
February 11 2021 - 10:08AM
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 the closing
of its initial public offering (the "IPO") of 8,457,100 American
depositary shares ("ADSs"), at public offering price of US$19.00
per ADS. The number of ADSs issued at closing included the
exercise in full of the underwriters’ option to purchase 1,103,100
additional ADSs from the Company. The aggregate gross proceeds from
the IPO were approximately US$161 million, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by the Company. Each ADS represents one and one
quarter (1.25) ordinary shares of the Company. The ADSs began
trading on the Nasdaq Global Market on February 9, 2021 under the
ticker symbol "ADAG."
Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC and
Jefferies LLC acted as the joint bookrunners of the offering.
China Renaissance Securities (Hong Kong) Limited acted 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 was 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
TamAdagene86-512-8777-3626IR@adagene.com
Media Contact:Annie Starr6
Degrees973-768-2170astarr@6degreespr.com
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