Adagene Inc. (ADAG) Prices 7.35M ADS IPO at $19/ADS

Adagene Inc. (NASDAQ: ADAG) today announced that it has priced its initial public offering (the "IPO") of 7,354,000 American depositary shares ("ADSs"), at US$19.00 per ADS. The aggregate offering size of the IPO is approximately US$140.0 million, assuming the underwriters do not exercise their over-allotment option to purchase any additional ADSs. Each ADS represents one and one quarter (1.25) ordinary shares of the Company. The ADSs are expected to begin trading on the Nasdaq Global Market on February 9, 2021 under the ticker symbol "ADAG." The IPO is expected to close on February 11, 2021, subject to customary closing conditions.

The Company has granted the underwriters an option, exercisable for 30 days from the date of the final prospectus, to purchase up to an aggregate of 1,103,100 additional ADSs to cover over-allotments.

Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC and Jefferies LLC are acting as the joint bookrunners of the offering and representatives of the underwriters. China Renaissance Securities (Hong Kong) Limited is acting as co-manager of the offering.

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