Adlai Nortye raises $140 million in private placement financing

Adlai Nortye Ltd. (NASDAQ: ANL) announced it has entered into securities purchase agreements for a private investment in public equity financing expected to generate gross proceeds of approximately $140 million, before deducting placement agent fees and other expenses.

The clinical-stage biotechnology company is selling 64,615,386 Class A ordinary shares at $2.1667 per share, equivalent to 21,538,462 American Depositary Shares at $6.50 per ADS. Each ADS represents three Class A ordinary shares.

The private placement was co-led by Cormorant Asset Management and Columbia Threadneedle Investments. Other participants include both new and existing investors such as Balyasny Asset Management L.P., Point72, Squadron Capital Management and Casdin Capital.

The financing includes approximately $55 million in Class A ordinary shares purchased by entities controlled by Yang Lu, the company's Chairman and Chief Executive Officer.

"We are pleased that this high-quality healthcare investor group came together to support Adlai Nortye and our innovative and potentially best-in-class RAS-targeting therapies," Lu stated in the announcement.

Jefferies, Leerink Partners, Lucid Capital Markets, H.C. Wainwright & Co. and Jones are serving as joint placement agents for the private placement.

The company stated that the securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an effective registration statement or applicable exemption. Adlai Nortye has agreed to file a registration statement with the Securities and Exchange Commission for the resale of the ADSs issued in the private placement.

Adlai Nortye focuses on developing cancer therapies, with operations in the United States and China. The company's pipeline includes next-generation cancer immunotherapies and RAS-targeting treatments.

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