WuXi AppTec and New World Development-backed Adagene has raised close to $140m in its initial public offering after having secured $155m in equity financing.

Adagene, a China-based immuno-oncology drug developer backed by pharmaceutical firm WuXi AppTec and conglomerate New World Development, has raised nearly $140m in its initial public offering.

The company issued approximately 7.35 million American Depositary Shares (ADSs), representing just over 9.19 million ordinary shares, priced at $19 each. It now trades on the Nasdaq Global Market under the symbol ADAG and shares closed at $25.56 yesterday.

Founded in 2011, Adagene is working on cancer immunotherapies and it will use the…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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