Adagene Inc. Announces $70 Million Underwritten Offering of American Depositary Shares

On April 2, 2026, Adagene Inc. (Nasdaq: ADAG) entered into an underwriting agreement with Leerink Partners LLC and LifeSci Capital LLC to sell 18,666,000 American Depositary Shares (ADSs) in an underwritten public offering. Each ADS represents 1.25 ordinary shares of the company. The ADSs are priced at $3.75 each, which reflects the 30-day volume-weighted average price (VWAP). Adagene expects to receive gross proceeds of approximately $70.0 million from the offering, before deducting underwriting discounts and estimated expenses. The offering is conducted under the company’s effective shelf registration statement on Form F-3. In connection with the transaction, Adagene's officers and directors have agreed to a 60-day lock-up period. The closing of the offering is anticipated to occur on April 6, 2026, subject to customary closing conditions. Net proceeds are intended for general corporate purposes, including the continued discovery and development of the company's antibody-based therapies.