Adagene Inc. (NASDAQ: ADAG) announced the pricing of its underwritten public offering of 18,666,000 American depositary shares at $3.75 per ADS. Each ADS represents 1.25 ordinary shares of the biotechnology company.

The offering price represents the 30-day volume-weighted average price. Adagene expects to receive gross proceeds of approximately $70 million before deducting underwriting discount and offering expenses.

The offering is scheduled to close on April 6, 2026, subject to customary closing conditions. Leerink Partners and LifeSci Capital serve as joint book-running managers, while Lucid Capital Markets acts as co-manager.

Several institutional investors participated in the offering, including Janus Henderson Investors, Deerfield Management, Invus, Sirenia and Columbia Threadneedle Investments. The group includes both new and existing investors.

The company is conducting the offering under a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission on May 9, 2025, which became effective on May 30, 2025.

Adagene is a clinical-stage biotechnology company focused on developing antibody-based cancer immunotherapies. The company uses computational biology and artificial intelligence in its drug discovery process and has established strategic partnerships utilizing its SAFEbody precision masking technology.