Adagene Inc (ADAG)

[StockLogistics]

2.5 Billion dollars incoming to ADAG:

“8:22a ET 3/2/2022 - MarketWatch
Sanofi to pay up to $2.5 billion in deal with Adagene

Shares of Adagene Inc. (ADAG) jumped 11.2% in premarket trading on Wednesday after it announced a licensing and commercialization deal with Sanofi (SAN.FR) that is worth up to $2.5 billion. U.S.-listed shares of Sanofi were down 1.5%. Adagene will develop masked versions of up to four of Sanofi's antibodies in development. Per the terms of the deal, Sanofi will pay Adadene $17.5 million now; however, the milestone payments are worth up to $2.5 billion, and the company is eligible for royalties based on sales of the therapies if they are commercialized. Adagene's stock has tumbled 77.6% over the past year, while the S&P 500 is up 10.3%.

-Jaimy Lee

(END) Dow Jones Newswires

March 02, 2022 08:22 ET (13:22 GMT)
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