Cancer biotech Adlai plunges in U.S. debut after pricing IPO
29/09/2023 17:30
** U.S.-listed shares of Adlai Nortye Ltd ANL.O plunge
more than 30% in Nasdaq debut on Fri
** ANL opens at $18, well below $23 IPO price, trades as low
as $15.75. Stock last off 29.6% at $16.20 on volume of 179,196
shares
** Co, which has regional headquarters in New Jersey and
Hangzhou, China, offered 2.5 mln ADSs for $57.5 mln; each ADS
represents three ordinary shares
** Adlai also sold $40 mln worth of shares to Japanese
chemical co Nippon Kayaku 4272.T in concurrent private
placement
** According to SEC filing, a potential investor indicated
interest to buy up to $50 mln of ADSs, ~87% of the IPO
** Adlai's most advanced program is lead product AN2025,
which is currently undergoing a Phase III, multi-regional trial,
for treatment of recurrent or metastatic head and neck squamous
cell carcinomas
** Cantor Fitzgerald sole bookrunner for the IPO
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))