Adagene Raises $70M with 18.7M ADS Offering Priced at $3.75
Adagene priced an underwritten public offering of 18,666,000 ADSs at $3.75 each, targeting gross proceeds of $70.0 million before fees. The offering, to close April 6 upon customary conditions, drew participation from investors including Janus Henderson, Deerfield, Invus, Sirenia and Columbia Threadneedle.
1. Public Offering Structure
Adagene’s underwritten offering comprises 18,666,000 American depositary shares, each representing 1.25 ordinary shares, priced at $3.75 per ADS. Gross proceeds are expected to total approximately $70.0 million before underwriting discounts and expenses, with closing anticipated on April 6 subject to customary conditions.
2. Investor Participation and Timeline
The offering saw new and existing backers including Janus Henderson Investors, Deerfield Management, Invus, Sirenia and Columbia Threadneedle Investments. Joint book-running managers Leerink Partners and LifeSci Capital, along with co-manager Lucid Capital Markets, will facilitate closing upon satisfaction of standard regulatory and corporate requirements.