Home / Market News / Adagio Therapeutics sets IPO terms, looks to raise up to $318.6 million

Adagio Therapeutics sets IPO terms, looks to raise up to $318.6 million

Adagio Therapeutics Inc. disclosed Monday that it has set terms for its initial public offering, in which the Massachusetts-based biopharmaceutical company focused on antibody-based solutions for infectious diseases looks to raise up to $318.6 million. The company is offering 17.7 million shares in the IPO, which is expected to price between $16 and $18 a share. At the top of that expected pricing range, the company could be valued at $1.94 billion. The stock is expected to list on the Nasdaq under the ticker symbol “ADGI.” Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are the lead underwriters. The company recorded a net loss of $38.7 million on no revenue for the three months ended March 31, after a loss of $65.3 million on no revenue for the three months ended Dec. 31, 2020. The company is looking to go public at a time that the Renaissance IPO ETF has edged up 0.7% over the past three months, while the S&P 500 has gained 5.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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