Biotechnology company Adagio Therapeutics, developing antibodies for the treatment of COVID-19 and other infectious diseases in 1 research phase, attracted 309 million dollars, releasing 18,2 million shares in 17 dollars - within the stated range from 16 to 18 Dollars. The company released on 0,5 million shares more, than expected. Taking into account the actual IPO price, the total diluted market value of Adagio was 2,0 billion dollars.
Adagio Therapeutics flagship program, ADG20, is being developed to treat and prevent SARS-CoV-2 and its variants. Company representatives claim, that unlike other antibody-based therapies, specifically targeting SARS-CoV-2, ADG20 Demonstrated In Non-Clinical Tests Ability To Kill SARS-CoV-2, including its dangerous varieties, as well as a wide range of viruses, similar to SARS. The company has completed the registration of healthy volunteers for the phase 1 clinical study ADG20 for the treatment of SARS-CoV-2 and its variants. The program is currently underway 2/3 phase of the international disease prevention trial to obtain in 2022 year of EU authorization and / or filing an application for licensing a biological product for placing it on the market. Antibodies, developed by the company, was opened by Adimab.
Adagio Therapeutics plans to list on the stock exchange Nasdaq under the ticker ADGI. Morgan Stanley became the joint organizers of the issue, Jefferies, Stifel и Guggenheim Securities.
