Adagene Announces $70M Public Offering of ADSs

Biotech firm raises funds to advance novel antibody-based cancer therapies

Apr. 2, 2026 at 11:49am

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Adagene Inc., a clinical-stage biotechnology company focused on transforming cancer immunotherapy, announced the pricing of a $70 million public offering of American Depositary Shares (ADSs). The offering is expected to close on April 6, 2026, subject to customary closing conditions. Leerink Partners and LifeSci Capital are acting as joint book-running managers for the transaction.

Why it matters

The capital raise will enable Adagene to further develop its pipeline of novel antibody-based cancer treatments, leveraging its proprietary computational biology and AI platform. As a Nasdaq-listed biotech firm, Adagene's ability to access public markets for funding is crucial to advancing its innovative therapeutic approaches.

The details

Adagene is offering 18,666,000 ADSs, each representing 1.25 ordinary shares, at a price of $3.75 per ADS. The gross proceeds are expected to be approximately $70 million before underwriting discounts and offering expenses. The offering has attracted participation from both new and existing institutional investors, including Janus Henderson, Deerfield Management, Invus, Sirenia, and Columbia Threadneedle.

  • The offering is expected to close on April 6, 2026.
  • Adagene initially filed the shelf registration statement on Form F-3 with the SEC on May 9, 2025, which became effective on May 30, 2025.

The players

Adagene Inc.

A clinical-stage biotechnology company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies.

Leerink Partners

A joint book-running manager for Adagene's public offering.

LifeSci Capital

A joint book-running manager for Adagene's public offering.

Lucid Capital Markets

A co-manager for Adagene's public offering.

Janus Henderson Investors

An institutional investor participating in Adagene's public offering.

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What’s next

The offering is expected to close on April 6, 2026, subject to the satisfaction of customary closing conditions.

The takeaway

Adagene's successful $70 million public offering demonstrates the company's ability to attract institutional investors as it advances its innovative cancer immunotherapy pipeline. The funds will support the continued development of Adagene's proprietary antibody discovery and engineering platform, which leverages computational biology and AI to address unmet patient needs.