We advised Adagene on its IPO and Nasdaq listing

Davis Polk advised Adagene Inc. on its SEC-registered initial public offering of 8,457,100 American depositary shares. Each ADS represents one and one quarter (1.25) ordinary shares, par value $0.0001 per share. The number of ADSs issued at closing included the exercise in full of the underwriters’ option to purchase 1,103,100 additional ADSs from Adagene.  The total gross proceeds for the SEC-registered initial public offering are approximately $161 million. The ADSs are listed on the Nasdaq Global Market under the symbol “ADAG”.

Adagene is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Its platform is designed to generate therapeutic antibody candidates with unique functional epitopes and species cross-reactivity as highlighted by our immunotherapy pipeline. It has pioneered a dynamic interface design to harness the conformational diversity of antibodies, which enlarges epitope sampling of a given drug target for differentiated therapeutic antibody development.

The Davis Polk corporate team included partners Li He and James C. Lin, counsel Xuelin (Steve) Wang, registered foreign lawyer Xin (Sheen) Xu. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Partner David R. Bauer and associate Jesse L. Hallock provided intellectual property advice. Associate J. Taylor Arabian provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.

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