Adagene's U.S. shares gain on collaboration pact with Sanofi

Adagene

02/03/2022 13:16

** U.S. listed shares of China-based drugmaker Adagene Inc
 ADAG.O  rise 12.4% premarket to $6.18
    ** ADAG announces collaboration and exclusive license
agreement with Sanofi  SASY.PA  to generate cancer therapy
candidates for development and commercialization by SASY
 urn:newsml:reuters.com:*:nPNAgrrtwa
    ** Under pact, SASY will make upfront payment of $17.5
million to ADAG, which will also be eligible to receive total
potential milestone payments of up to $2.5 billion
    ** All three brokerages covering ADAG rate the stock "buy"
or higher; their median PT is $29.50
    ** ADAG stock had fallen nearly 32% YTD up to last close

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))