(Adagene) Shares of Adagene Inc. rose more than 15% on Wednesday after a license agreement with Sanofi that will see the company earn up to $2.5 billion, plus royalties.
The license agreement will allow Sanofi to generate masked monoclonal and bispecific antibodies for development and commercialization.
Adagene will be tasked with early state research activities for making masked versions of Sanofi candidate antibodies using its SAFEbody technology.
Sanofi will be required to pay an upfront $17.5 million to Adagene and will advance two initial antibody candidates, followed by two optional candidates.
ADAG: NASDAQ is up +15.78%, SAN: EPA is down -1.19%.
