Sanofi Invests Up To $25M in Adagene

TL;DR

Sanofi is putting up to $25M into ADAG, signaling confidence in their antibody tech.

AI Summary

On July 1, 2025, Adagene Inc. announced a strategic investment and option exercise by Sanofi. Sanofi Foreign Participations B.V. has agreed to invest up to US$25.0 million in Adagene, a company focused on novel antibody-based therapies. This investment aims to support Adagene's ongoing development programs.

Why It Matters

This significant investment from a major pharmaceutical company like Sanofi could validate Adagene's technology and accelerate the development of its novel antibody therapies.

Risk Assessment

Risk Level: medium — While the investment is positive, the actual impact depends on Adagene's ability to successfully develop its therapies and the terms of the strategic partnership.

Key Numbers

• US$25.0 million — Strategic Investment (Maximum amount Sanofi has agreed to invest in Adagene.)

Key Players & Entities

• Adagene Inc. (company) — The company announcing the investment.
• Sanofi (company) — The investing company.
• Sanofi Foreign Participations B.V. (company) — The specific entity making the investment.
• US$25.0 million (dollar_amount) — The maximum investment amount.

FAQ

From the Filing

0001104659-25-064443.txt : 20250701 0001104659-25-064443.hdr.sgml : 20250701 20250701083023 ACCESSION NUMBER: 0001104659-25-064443 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20250701 FILED AS OF DATE: 20250701 DATE AS OF CHANGE: 20250701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Adagene Inc. CENTRAL INDEX KEY: 0001818838 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences EIN: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39997 FILM NUMBER: 251094236 BUSINESS ADDRESS: STREET 1: 4F, BUILDING C14, NO. 218, XINGHU STREET STREET 2: SUZHOU INDUSTRIAL PARK CITY: JIANGSU STATE: F4 ZIP: 00000 BUSINESS PHONE: 86-512-87773632 MAIL ADDRESS: STREET 1: 4F, BUILDING C14, NO. 218, XINGHU STREET STREET 2: SUZHOU INDUSTRIAL PARK CITY: JIANGSU STATE: F4 ZIP: 00000 6-K 1 tm2518776d1_6k.htm FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of July 2025 Commission file number: 001-39997 Adagene Inc. (Exact Name of Registrant as Specified in Its Charter) 4F, Building C14, No. 218 Xinghu Street, Suzhou Industrial Park Suzhou, Jiangsu Province, 215123 People’s Republic of China (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨ Adagene Inc. (“Adagene or the Company”) (Nasdaq: ADAG), a company transforming the discovery and development of novel antibody-based therapies, today announced strategic investment and option exercise by Sanofi (Euronext: SAN FP). Sanofi Foreign Participations B.V.(“Sanofi”) has agreed to make a strategic investment of up to US$25.0 million in Adagene. The investment will be made in two closings, with the first closing for US$17.0 million expected to occur on July 2, 2025, subject to the satisfaction of customary closing conditions. The second closing for US$8.0 million is subject to the Company’s achievement of Full Phase 2 Enrollment (as such term is defined in the Securities Purchase Agreement). The Company plans to use the proceeds to fund the development of muzastotug (ADG126), an anti-CTLA-4 SAFEbody, through a randomized phase 2 trial in microsatellite stable colorectal cancer (MSS CRC). Under the terms of the securities purchase agreement dated June 30, 2025 (the “Securities Purchase Agreement”), Sanofi has agreed to purchase the Company’s Series A non-voting convertible preferred shares (the “Series A Preferred Shares”), each share of which is initially convertible into ten ordinary shares of the Company (the “Ordinary Shares”) in two closings, each subject to certain conditions. In the first closing, Sanofi has agreed to purchase 1,062,500 Series A Preferred Shares with an aggregate purchase price of US$17.0 million, reflecting an as-converted price of US$2.0 per American depositary share of the Company. The first closing of the transaction is expected to occur on July 2, 2025, subject to the satisfaction of customary closing conditions. Upon the Company’s achievement of Full Phase 2 Enrollment on or prior to March 31, 2027 and subject to the satisfaction of other customary closing conditions, Sanofi has further agreed to purchase an additional US$8.0 million of Series A Preferred Shares with an aggregate purchase price of US$8.0 million at an as-converted price equal to the average VWAP of the Company’s ADSs over the thirty (30) trading days immediately preceding the date of delivery of the second closing notice. Pursuant to the terms of the transaction documents, Sanofi’s beneficial ownership shall not, at any time, exceed 19.99% of Adagene’s total is